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Fresh Cycle Low

NZD

Monday saw the kiwi dollar retreat to its worst levels against the greenback since Nov 4, 2020, as broader risk-off flows took hold. The rate moved away from lows only in NY hours, amid a dynamic recovery in major U.S. equity indices.

  • BNZ Performance of Services Index rose to 49.7 in December from the revised 47.2 recorded in November. BNZ flagged upticks in Activity/Sales & New Orders/Business sub-indices, noting that the "return to expansion for the sector as a whole will largely depend on these two indicies displaying higher and consistent expansion in the coming months."
  • New Zealand's CPI will be released on Thursday, with ANZ Consumer Confidence due Friday. The publication of trade data has been postponed until Feb 1.
  • NZD/USD trades at $0.6705, a touch higher on the day. Bears look for a dip through yesterday's cycle low of $0.6661 before taking aim at Nov 2, 2020 low of $0.6589. Meanwhile, a jump above Jan 19 high of $0.6812 would shift focus to Jan 13 high of $0.6891.
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