Kiwi Resilient Despite Risk-Off Tone

NZD/USD struggled for a clear direction Wednesday and oscillated around the $0.7100 mark, charting a Doji candlestick at the end of the day. NZD remained resilient despite a generally risk-off tone.

• The rate last trades at $0.7103, just above neutral levels. A push through Sep 3 high of $0.7170 would clear the way to the 61.8% retracement of the Feb 25 - Aug 20 slide at $0.7213. On the flip side, focus falls on the 50-DMA/Aug 30 low at $0.6999/87.
• ANZ Truckometer Heavy Index tumbled 18.1% M/M in August as the second half of the month saw level 4 lockdown kick in. ANZ noted that the relationship between traffic and economic activity will not be reliable until mobility curbs are lifted.
• CoreLogic released their semi-annual Housing Affordability Report, which showed that "as of Q2 2021, the average property value across New Zealand is 7.9 times the average annual household income, a record high in the series' 18-year history".
• Stats NZ will release quarterly manufacturing activity data later today, while card spending figures will hit the wires on Friday.