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Kiwi Loses Some Altitude, Tracking Swings In Broader Market Mood

NZD

NZD/USD meandered at the start to the week, driven by fluctuations in broader risk sentiment rather than any domestic developments, but finished the day as one of the worst G10 performers.

  • The rate dropped to an intraday low of $0.6282 in the London/NY crossover but rebounded sharply, only to ease off later in U.S. hours.
  • Cross-asset signals were mixed. BBG Commodity Index edged higher, while the VIX Index slipped, as did U.S. equity benchmarks.
  • With the rate last seen -5 pips at $0.6297, bears need a clean break below $0.6244, which limited losses on Jun 22, before setting their sights on Jun 14 low of $0.6197.
  • The topside on Monday was capped by $0.6327, which kept a lid on gains last Friday as well. A clearance of that level would bring Jun 16 high of $0.6396 into play.
  • As flagged yesterday, there is little of note on the local data docket until Thursday, when ANZ will publish the latest Business Outlook Survey.
  • Worth adding that the RBNZ said that its Chief Economist Conway will speak at National Property Conference on Thursday.
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