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Firms On Tuesday, BoP On Tap

NZD

NZD/USD prints at $0.5935/40, the pair rose ~0.3% yesterday.

  • Pre FOMC positioning saw the USD pressured through the European session, NZD/USD firmed above the 20-Day EMA ($0.5931).
  • Gains were pared after the latest round of US data showed firmer than forecast August Building Permits, however ranges did remain narrow.
  • Bulls immediate focus is on a break of yesterday's high ($0.5948), which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6140). Bears look to break $0.5859 (6 Sep low) which opens $0.5757 (low from 4 Nov 22) and $0.5728 a Fibonacci projection.
  • At the latest GDT Auction Whole Milk Prices rose 4.6% to an average of $2799/MT.
  • Cross asset wise; BBDXY finished a touch lower and the S&P500 fell ~0.3%. US Tsy Yields were ~4bps higher across the curve.
  • On tap this morning we have Q2 Balance of Payments. A deficit of $4.561bn is expected.
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