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Edges Higher On News From The U.S.

NZD

NZD/USD started the week on a firmer footing, drawing support from a strong beat in New Zealand's quarterly retail sales, but shed those gains later in the day, amid renewed demand for the greenback. The USD was bought after the release of surprisingly solid PMI data out of the U.S., which suggested the fastest expansion in U.S. economic activity in years.

  • The rate sits +6 pips at $0.6931 as we type, off earlier highs. It topped out just shy of Dec 4, 2018 high of $0.6970 on Monday. A clean breach of that level would allow bulls to set their sights on the psychological $0.7000 level. Bears look for a fall through Monday's low of $0.6897, towards Nov 17 & 18 lows of $0.6876.
  • NZ Gov't will release its financial statements for FY2019/20 at the top of the hour, while the RBNZ's FSR comes out tomorrow. On Thursday, Stats NZ will publish trade data, with ANZ Consumer Confidence coming up on Friday.
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