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Kiwi Marginally Softer In Early Trade

NZD

NZD/USD has slipped in early trade, with little to write home on the NZ news front. The rate last trades -5 pips at $0.7005, hovering just above the psychological $0.7000 figure after taking a dip Friday on the back of a stronger than expected U.S. NFP report.

  • China's inflation data may provide some interest today in the absence of domestic catalysts. Over the weekend, China reported a wider than forecast trade surplus for the month of July, but it was underpinned by underwhelming growth in both imports and exports.
  • NZ highlights this week include card spending (Tuesday), food price index & the RBNZ's gauge of inflation expectation (Thursday) as well as BusinessNZ M'fing PMI (Friday).
  • A clean breach of the $0.7000 figure would shift bearish focus to $0.6953, which limited losses on Aug 2. Below there would open Jul 28 low of $0.6902. Bulls keep an eye on Aug 4 high of $0.7089 and a break here would draw attention to Jul 6 high of $0.7105.
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