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Muted Start, Consolidation Continued On Friday

NZD

NZD/USD prints at $0.6390, ~0.1% firmer from Friday's closing levels, in a muted start to Monday trading.

  • The pair respected recent ranges in Friday's trading, a rally in JPY spilled over into broader USD weakness early in the European session, with the NZD meeting resistance above $0.64.
  • Pressure came as NZD/USD pared gains before finding support below $0.6340. A rally in US Equities and US data which showed a drop in inflation expectations helped NZD/USD firm to finish Fridays trading marginally softer.
  • Cross asset flows were mixed, DXY was little changed and S&P500 was ~0.4% firmer. 10 Year US Treasury Yields rose ~6bps.
  • Technically NZD/USD continues to consolidate, bulls look to sustain a break above $0.64. Bears look to first break the 20-Day EMA at $0.6336 to turn the tide.
  • There is an empty domestic data calendar today, wider liquidity could be impacted as due to the US MLK Day holiday.
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