Drifting Lower Amid Firmer USD Backdrop

NZD/USD prints at 0.6440/45, down ~0.25% from yesterday's closing levels, outperforming its G10 peers at the margins. Cross asset flows remain mixed with e-minis little changed, but the BBDXY is ~0.2% firmer. UST yields are 3-4bps higher across the curve.

• NZD/USD has remained in a tight range in Asia trading for the most part, albeit with a slight downside bias. It was unable to follow through on strong GDP data and rising bond yields meeting resistance above $0.6460 leaving the Kiwi in a narrow $0.6440/60 range today.
• China November activity data was weaker than expected, which may have added to the downside momentum, but only modestly at this stage.
• AUD/NZD is marginally firmer printing at 1.0620, however has so far been able to break through post NZ GDP lows.
• On the wires early tomorrow morning we have the Nov Business NZ Manufacturing PMI, the prior reading was 49.3. There is no estimate for the print.