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Chinese Covid Concerns Grow, Crimping Early Positive Momentum

NZD

NZD/USD prints $0.6132, down ~0.3% from opening levels, only safe havens JPY & CHF are outperforming Kiwi this morning at the margins.

  • Chinese assets have fallen this morning as COVID related news flow weighs. The Hang Sang Index is down ~2.7% and USDCNH is ~0.6% firmer. This has spilled over into a wider risk off move, with e-minis down ~0.4% and DXY up ~0.3%.
  • Still, AUD/NZD remains in a downtrend, the pair printed its lowest level since 1st April, having briefly tested NZ$1.08 handle, this morning. The cross currently prints at NZ$1.0831. The next target for NZD bulls is the low from 16 Mar at NZ$1.0615.
  • October Credit Card spending came in at 24.8% YoY, the prior was revised lower to 34.0% from 34.1%.
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