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NZD underperformed all of its G10 peers overnight, with NZD/USD shedding 7 pips as a result. The rate last sits at $0.7195. BusinessNZ M'fing PMI improved to 58.6 in May from 58.3 prior, but this failed to lend any meaningful support to the kiwi. BNZ noted that finished stocks & deliveries sub-indices are "still clearly lagging as components of the PMI" and flagged that "supply-side headaches" are looming large.
- AUD/NZD extended its recent gains and currently changes hands at NZ$1.0777, 8 pips higher on the day. The pair showed at its best levels since May 24, topping out at NZ$1.0785.
- NZD/JPY remains well supported by its 50-DMA and last operates virtually unchanged at Y78.71, as the yen has also struggled for any topside momentum. A fall past the aforementioned moving average, which intersects at Y78.43, would open up May 19 low of Y78.97. On the flip side, bulls look for a rally towards May 27 high of Y80.18.
Fig. 1: New Zealand BusinessNZ M'fing PMI
Source: MNI - Market News/Bloomberg