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Marginally Firmer Start, Trade Balance On Tap

NZD

NZD/USD prints at $0.6175/80, the pair is marginally firmer in early dealing rising ~0.1% as it pares some of Friday's losses in early dealing on Monday.

  • The pair was pressured on Friday through the European and NY sessions, a bid in USD/JPY spilled over into broader USD strength. NZD/USD fell below the $0.62 handle and has unwound all its post US-CPI gains.
  • Last week was the weakest week since late May for the Kiwi, falling ~3.2% through the week and the pair now its below its 20-.50- and 200-Day EMAs.
  • Bears now target a break of the low from July 6 ($0.6133) which opens the low from June 29 at $0.6051. Bulls first target a break of the 200-Day EMA ($0.6226).
  • Cross asset wise on Friday BBDXY rose ~0.4% and the S&P500 rose ~0.3%. WTI was ~1.9% firmer and US Tsy Yields were little changed across the curve.
  • On tap this morning we have June Trade Balance, there is no estimate for the print and the prior read was a surplus of $46mn.
  • Looking ahead the docket is light with just ANZ Consumer Confidence (Friday) due this week.
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