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Kiwi On Softer Footing

NZD

The kiwi is showing some weakness now, following the release of New Zealand's monthly trade data for the month of July. Trade balance flipped to a deficit of NZ$402mn in July from a surplus of NZ$245mn in June, with annual deficit widening to NZ$1.104bn as a result. There has been little in the way of local news flow outside of that.

  • NZD/USD trades at $0.6938, 14 pips lower on the day, with familiar technical levels still in play.
  • AUD/NZD sits +10 pips at NZ$1.0452, with bulls looking for a move through Aug 18 high of NZ$1.0542. Bears keep an eye on NZ$1.0410, a new cycle low printed yesterday.
  • NZD/JPY last seen at Y76.12, 13 pips shy of neutral levels. Downside focus falls on Aug 19 low of Y74.57, a key near-term support. Bulls look to a rebound above the 200-DMA at Y76.55.
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