CORRECTION: Pressured In Early Trade, Data Docket Light This Week

NZD/USD prints at $0.5965/75, the pair is ~0.4% below Friday's closing levels. The greenback has firmed as FX markets digest the Hamas attack on Israel, a short time ago WSJ reported "Iran helped plan the attack over several weeks", the same article states "U.S. officials say they haven't seen evidence of Tehran's involvement”.

• On Friday Kiwi was volatile in the aftermath of the latest NFP print, NZD/USD was pressured in the aftermath of the release as the data showed strong job gains in September.
• Support came in below the 20-Day EMA ($0.5948) and NZD/USD firmed ~1.3% alongside US Equities as participants focused on slowing Average Hourly Earnings and technical flows which weighed on the USD.
• Technically the pair remains in a downtrend, bears focus on a break of the 20-Day EMA which opens $0.5924 (low from October 6) and $0.5871 (low from 4 October). Bulls look to break the high from Oct 6 ($0.6004) which opens the high from 29 Sep ($0.6049) and the 200-Day EMA ($0.6118).
• Fonterra has raised its milk price forecast midpoint by 50 cents for 2023/24, and sees milk collections slightly lower than 2022/23.
• The data docket is relatively light this week, on Thursday September Food Prices cross before Business NZ Mfg PMI and Card Spending round off the docket on Friday.