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Muted Open, Q3 GDP The Highlight This Week

NZD

NZD/USD prints $0.6404, down ~0.1% from Friday's closing levels, in a muted open to the week's trading.

  • On Friday US PPI data surprised to the upside resulting in broad USD strength in the aftermath of the release with NZD/USD offered before finding support at $0.6360.
  • Despite the initial USD surge momentum, the Kiwi pared its losses aided by a softer inflation component with the UMich survey to rally ~1% before finding resistance at $0.6426. The pair finished the week's trading in a narrow $0.6412/22 range.
  • US Equities were softer, the S&P500 fell 0.7% and DXY was ~0.1% firmer.
  • Technically, bulls look to target the high from 12 Aug at $0.6468, a break through there would open the way to the high from 3 June at $0.6576. Bears need to breach the 200-day EMA at $0.6247 to re-establish the downtrend.
  • Note Q3 GDP prints on Wednesday (+0.9% q/q forecast, against +1.7% prior).
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