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Muted Start, 200-Day EMA Caps Post NFP Gains, RBNZ Headlines Week

NZD

NZD/USD prints at $0.6205/15, the pair is little changed from opening levels in a muted start to the week's trade.

  • On Friday the pair firmed ~0.9% as the NFP print from the US was softer than expected, printing its lowest headline number in 3 years and the May release was revised lower.
  • NZD/USD faced resistance at the 200-Day EMA ($0.6223), before gains were marginally pared into the close.
  • Bulls immediate focus is on the 200-Day EMA; a break through here opens the high from 23 May ($0.6303). Bears look to break the low from 6 July ($0.6133), which opens the low from 29 June ($0.6051) and year to date lows ($0.5991)
  • AUD/NZD sits in a narrow range, the pair continues to consolidate below $1.08.
  • On Friday the S&P500 fell ~0.3% and BBDXY fell ~0.7%. 10 Year US Treasury Yields rose ~3bps.
  • The highlight of the week's docket is Wednesday's RBNZ monetary policy decision. The bank is expected to hold the cash rate steady at 5.50%. Also on the wires is BusinessNZ Mfg PMI, Card Spending & Food Prices (Thursday).
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