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Marginally Firmer, Ranges Narrow

NZD

NZD/USD prints at $0.6205/10, the pair is ~0.1% firmer today.

  • Kiwi unwound early pressure as Chinese and HK equities rallied in early dealing at the open as after details emerged from the anticipated Chinese politburo meeting. The politburo noted it will enact plans to resolve local government debt issues as well as increase support for the property market.
  • NZD/USD firmed above $0.62 however resistance was seen above yesterday's high and gains were marginally pared. Narrow ranges are persisting with the pair operating in a ~20 pip range for the most part today.
  • AUD/NZD is little changed and is consolidating in a narrow range below $1.09.
  • Cross-asset wise; BBDXY is down ~0.1% and US Tsy Yields are ~2bps lower across the curve. The Hang Seng is up ~3% and CSI300 is up ~2%.
  • Wider swings in risk sentiment will be the main driver in NZD in today's dealing.
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