Kiwi Loses Altitude On Tuesday, M'fing Activity Data Take Focus From Here

NZD/USD went offered Tuesday, piercing the $0.7200 level, with the kiwi landing at the bottom of G10 pile even as BBG Commodity Index rose. The rate retraced all of its Monday's gains, finishing right at the $0.7200 mark. Local news flow was rather light, while a broadly firmer greenback added to the selling pressure.

• ANZ Truckometer Heavy Index fell 4.8% M/M in May, extending its 1.2% decline recorded in Apr. ANZ noted that "the economy is under pressure, facing supply issues around inputs to production and logistical headaches. But firms and people are getting on with it, as the strong traffic flows attest".
• BNZ released their monthly job ads index, which rose 5.1% M/M in May and now sits at a fresh all-time peak, 20% above its pre-Covid high.
• Commerce & Consumer Affairs Min Clark told interest.co.nz the gov't will consult on possible regulation of "buy now, pay later" services. The Ministry will issue a discussion paper later this year.
• The quarterly manufacturing activity data and flash ANZ Business Confidence are on the local docket today. Card spending hits Thursday, with BusinessNZ M'fing PMI coming up Friday.
• NZD/USD trades at $0.7196 at typing, 4 pips lower on the day. A break under Jun 3 low of $0.7126 would shift focus to May 4 low of $0.7116, a key near-term support. Bulls need a clearance of Jun 7 high of $0.7243, before targeting Jun 1 high of $0.7288.