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Kiwi Extends Losses Amid Continued Risk Rout

NZD

Solid demand for AUD/NZD after the release of firm Australian jobs data & a break of technical resistance spilled over into other kiwi crosses Thursday, with NZD/USD offered as a result. The latter pair fell to its worst levels since Jan 11, with no signs of reprieve as trading resumed in Asia. NZD/USD sits at $0.6749, down 9 pips on the day, as the broader equity rout continues on the back of a negative lead from Wall Street.

  • Bearish focus falls on Jan 6 low of $0.6733 and a break here would draw attention to the $0.6703/02 area, which limited losses on several occasions in Dec. Bulls need to retake Jan 19 high of $0.6812 before setting their sights on Jan 13/Nov 25 highs of $0.6891/94.
  • New Zealand's BusinessNZ M'fing PMI rose to 53.7 in December, with the November reading upgraded to 51.2. Per BNZ commentary, production and new orders gauges hit best levels since July, but deliveries remain below average amid persistent supply challenges.
  • Data highlights next week include trade balance (Wednesday), CPI (Thursday) & ANZ Consumer Confidence (Friday).
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