MNI: GERMANY NOVEMBER FLASH HICP -0.7% M/M (FCST: -0.5%)

MNI BRIEF: China May Inject CNY1 Trln To Replenish Big Banks

MNI BRIEF: China Sees Progress On EU EV Deal

MNI: PBOC Net Drains CNY279.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1894 Thurs; -1.38% Y/Y

MNI BRIEF: Bank of Korea Cuts Policy Rate to 3.00%: Press

MNI: GERMANY NOV CPI +2.2% Y/Y

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: GERMANY NRW NOV CPI -0.3% M/M, +1.9% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FOREX: NZD/USD Continues Move Lower, Support Seen At 0.5840

FOREX
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • NZD/USD dropped 0.13% to 0.5973 on Tuesday, it was the lowest close in about three-months. In was a slow session for both headlines and economic data, US tsys yields found some support after US JOLTS Job openings came in below estimates with yields closing 3-4bps lower.
  • Yesterday, New Zealand's labor market showed little change in September, with filled jobs rising by just 0.04%, following four months of declines. High interest rates are slowing economic growth and curbing hiring, with economists predicting the unemployment rate could rise to 5% in the third quarter, the highest in four years.
  • Looking at technical levels, the pair continues to make new cycle lows, the 14-Day RSI at 32, just above the yearly lows made in July the MACD indicator has continued to print smaller red bars. Initial support is now 0.5840 (Aug 5 lows) a break here would open a move to 0.5876 (July 26 lows). Initial resistance is 0.6057 (61.8% retracement of July 26- Sep 30 rally & 20-day EMA).
  • RBNZ dated OIS pricing is little changed this week with 56bps of cuts priced for November and 100bps of cuts priced into the Feb meeting. Pricing has fluctuated 1-3bps further out the curve this week, with 162bps of cuts priced until October 2025.
  • It's another empty data calendar today.
212 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • NZD/USD dropped 0.13% to 0.5973 on Tuesday, it was the lowest close in about three-months. In was a slow session for both headlines and economic data, US tsys yields found some support after US JOLTS Job openings came in below estimates with yields closing 3-4bps lower.
  • Yesterday, New Zealand's labor market showed little change in September, with filled jobs rising by just 0.04%, following four months of declines. High interest rates are slowing economic growth and curbing hiring, with economists predicting the unemployment rate could rise to 5% in the third quarter, the highest in four years.
  • Looking at technical levels, the pair continues to make new cycle lows, the 14-Day RSI at 32, just above the yearly lows made in July the MACD indicator has continued to print smaller red bars. Initial support is now 0.5840 (Aug 5 lows) a break here would open a move to 0.5876 (July 26 lows). Initial resistance is 0.6057 (61.8% retracement of July 26- Sep 30 rally & 20-day EMA).
  • RBNZ dated OIS pricing is little changed this week with 56bps of cuts priced for November and 100bps of cuts priced into the Feb meeting. Pricing has fluctuated 1-3bps further out the curve this week, with 162bps of cuts priced until October 2025.
  • It's another empty data calendar today.