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Marginally Firmer On Monday Following Weaker Than Expected US Data

NZD

NZD/USD prints at $0.6065/70, the pair was ~0.1% firmer on Monday.

  • Early USD strength on Monday briefly extended in the European session as post payrolls demand for the greenback continued. NZD/USD found support ahead of $0.6040 and pared losses.
  • The pair firmed in the wake of weaker than expected US data, resistance came in ahead of $0.6090 and gains moderated into the close.
  • On the upside bulls target the 20-Day EMA at $0.6131. Bears look to break the year to date low at $0.5985.
  • AUD/NZD has consolidated above the 200-Day EMA, the pair deals a touch above the $1.09 handle.
  • Cross asset wise; the S&P500 fell ~0.2% and BBDXY was little changed. 2 Year US Treasury Yields fell 3bps.
  • On the wires today we have May ANZ Commodity Price M/M, there is no estimate. The prior read was -1.7%.
  • Across the Tasman the RBA publishes its latest monetary policy decision this afternoon, the Bloomberg survey median estimate is for the cash rate to hold steady at 3.85%. AUD/NZD flows may come to the fore in the aftermath of the decision.
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