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Kiwi Struggles For Clear Direction

NZD

NZD/USD traded sideways on Tuesday as domestic headline flow in New Zealand failed to provide any notable catalysts.

  • It was a day of two halves for the greenback, with the BBDXY clawing back initial losses into the NY session. Participants eyed U.S. CPI data, due for release on Wednesday.
  • From a cross-asset perspective, equity sentiment was weaker, while the VIX index edged higher. On the other hand, the aggregate Bloomberg Commodity Index firmed.
  • The rate last sits at $0.6288, virtually unchanged on the day. A break above Aug 1 high of $0.6353 would allow bulls to take aim at Jun 16 high of $0.6396. On the flipside, initial firm support is provided by $0.6061, the low print of Jul 14.
  • BusinessNZ M'fing PMI & RBNZ household inflation expectations will both be published on Friday.
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