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Marginally Pressured, Recent Ranges Respected

NZD

NZD/USD prints at $0.6110/15, the pair is ~0.1% softer today.

  • A cut in the 7-Day Repo Rate from the PBOC, to 1.90% from 2.0%, has seen the NZD/USD marginally pressured. The pair fell ~0.2% before support came in ahead of yesterdays low ($0.6108)
  • At this stage recent ranges have been respected and the move has not yet followed through. Bears attention is on a break of $0.61, from here they target low from May 31 ($0.5985).
  • AUD/NZD remains within narrow ranges above the $1.10 handle.
  • Apr Estimated Net Migration rose 5785, the prior read was a touch higher to 13,176.
  • On the wires early tomorrow we have Q1 Balance of Payments and May Food Prices.

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