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Lowest Level Since Early June, ANZ Business Survey On Tap

NZD

NZD/USD prints at $0.6075/80, the pair fell ~1.4% and was the weakest performer in the G-10 space at the margins.

  • The kiwi was pressured through yesterday's trading, extending losses seen in Asia after weakness in the AUD post Australian CPI spilled over.
  • NZD/USD sits at its lowest level since 8 June and is down ~3% from mid-month highs.
  • Bears target a break of the low from 8 June ($0.6031) which opens year to date lows at $0.5985. Bulls first look to break the 20-Day EMA ($0.6146) to turn the tide.
  • In a volatile day of trading the AUD/NZD found support at $1.08 before breaking back above the 200-Day EMA. Resistance was seen at the 20-Day EMA and the pair last prints at $1.0860/70.
  • Cross asset wise; S&P500 was little changed and BBDXY rose ~0.4%. WTI futures rose ~2.8%. 2 Year US Treasury Yields were ~5bps lower.
  • On the wires today we have the June ANZ Business Survey, there is no estimate for the print.
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