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Fresh Cyclical Lows For Kiwi Ahead Of Local M'fing PMI Reading

NZD

NZD/USD ground lower Thursday as the greenback regained poise, with the pair printing fresh cyclical lows at $0.5964, a level last touched in May 2020. The pair is probing the water that level this morning, with all eyes on local m'fing survey data.

  • Cross-asset signals amounted to a questionable backdrop for the kiwi, as equity benchmarks were mostly lower and the VIX index edged higher. The commodity complex softened, with the aggregate BCOM index shedding ~3%.
  • The kiwi dollar gave up modest gains registered on the back of above-forecast Q2 NZ GDP data as the day progressed. A weak outturn for manufacturing expenditure in that report puts more focus on the next BusinessNZ M'fing PMI reading, due at the bottom of the hour.
  • Offshore drivers will be eyed later in the day, as RBA chief Lowe is set to speak in parliament, while China will publish its monthly economic activity indicators. Note that a break above CNH7.0 in USD/CNH may have applied additional pressure to the NZD Thursday.
  • At typing, NZD/USD trades at $0.5963 with the next layer of support provided by $0.5941, representing the 76.4% retracement of the 2020 - 2021 rally. Bulls look for a rebound above Sep 13 high/50-DMA at $0.6161/96.
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