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Kiwi Remains Weakest Performer

NZD

The kiwi dollar brings up the rear this morning, cementing its position as the worst G10 performer from last Friday. NZD/USD has shed 17 pips to last trade at $0.6176, which puts it on track for the sixth consecutive day of losses.

  • From a technical perspective, bears would be pleased by a sell-off past $0.6157, the 76.4% retracement of the Jul - Aug rally. This would expose key support from Jul 14 low of $0.6061. Bulls look to a rebound towards Aug 12 high of $0.6468.
  • Looking at cross-asset signals from after Asia hours Friday, equity benchmarks were in the red & the VIX index crept above 20%; still, the BBG Commodity Index recovered in the NY session.
  • Worth noting that the 2-Year/10-Year sector of NZGB yield curve returned from inverted territory towards the back end of last week.
  • The pullback in NZD/USD from its monthly highs has been out of sync with a parallel rebound in NZ/U.S. 2-Year yield spread from its cyclical lows.
  • In domestic news, the gov't maintained a state of emergency in parts of he South Island damaged by heavy flooding and torrential rains.
  • Local data highlights this week include retail sales (Thursday) & ANZ Consumer Confidence (Friday).
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