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Consolidates Gains, Q3 CPI On Tap

NZD

NZD/USD prints at $0.5925/30, the pair rose ~0.7% on Monday.

  • Kiwi consolidated its early gains on Monday through the European and NY sessions holding in a narrow $0.5910/30 range for the most part.
  • Despite yesterday's impressive rally technically NZD/USD now sits in a downtrend, bears look to break the YTD low at $0.5860, this opens the $0.58 handle and $0.5730 a Fibonacci projection. Bulls focus on the 20-Day EMA ($0.5951) and the high from 2 Oct ($0.6010).
  • AUD/NZD pared losses and now sits a touch below the $1.07 handle, the pair has observed a $1.06/07 for the most part in recent dealing. The 20-Day EMA comes in at $1.0717.
  • Cross asset wise on Monday; the S&P500 rose 1.1% as Bloomberg reported that Joe Biden is "considering a trip to Israel as part of a push to prevent the war from spreading". WTI fell ~0.7%. 10 Year US Tsy Yields were ~9bps firmer.
  • On tap in ~30 minutes Q3 CPI crosses, CPI is expected to print at 1.9% Q/Q and 5.9% Y/Y.
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