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Lagging USD Sell-Off

NZD

NZD/USD prints at $0.6385/95, ~0.3% firmer in today's trading, although NZD is lagging its peers with only EUR and safe-haven CHF weaker performers in the G10 space at the margins.

  • Early offers in USD/JPY, driven by reports on the possible revision to the BoJ's inflation accord, has spilled over into wider USD weakness in Asian trade.
  • NZD/USD found early support at $0.6370, recovering to re-test highs seen late in Friday's trade. AUD/NZD has recovered off fresh cycle lows printed on Friday to deal a touch above $1.05.
  • Nov PSI was on the wires early this morning, printing 53.7 and the prior was revised lower to 57.1. Combined with record low print in consumer confidence, the soft local data is possibly driving the underperformance in NZD this morning.
  • With no further local data on the wires today NZD will be driven by wider swings in risk sentiment.
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