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Kiwi Swings To Weekly Gain

NZD

Improvement in broader risk tone pushed NZD/USD higher Thursday. Some moderation in Evergrande jitters lent support to risk appetite, despite continued lack of clarity on that front, while participants digested the latest monetary policy decision from the Fed and accompanying rhetoric. It was a bullish outside day for NZD/USD, which swung to a weekly gain after printing a one-month low in early trade.

  • NZD/USD last sits at $0.7071, just above Thursday's close, with little in the way of local catalysts crossing the wires this morning. A resumption of gains would allow bulls to target Sep 16 high of $0.7138, followed by Sep 14/10 highs of $0.7151/56. Bears look for a pullback under Thursday's low of $0.6982.
  • Stats NZ will publish the latest trade data shortly, while next week's highlights include building permits & final ANZ Business Confidence (Thursday) as well as ANZ Consumer Confidence (Friday).
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