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Headwinds Emerge At The Start To The Week

NZD

NZD/USD sold off sharply as the new week got underway. Spreading Covid-19 outbreak in China & a softer than expected yuan fix spilled over into the Antipodeans, while easing crude oil prices added pressure to the space.

  • The rate last changes hands at $0.6750, marginally above neutral levels. A resumption of losses past Feb 28 low of $0.6656 would bring Feb 24 low of $0.6631 into view. Bulls need a rebound above Mar 11 high of $0.6875 before taking aim at the 200-DMA/Mar 7 high at $0.6920/26.
  • New Zealand's services sector remained in contraction last month. Headline Performance of Services Index improved to 48.6 from 46.0 but "was still well down on the long-term average of 53.6 for the survey."
  • Quarterly BoP current account balance (Wednesday) and GDP (Thursday) will take focus going forward.
  • In the meantime, China's economic activity indicators & minutes from the RBA's most recent policy meeting may provide some interest today.
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