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Muted Start On Monday, Q1 GDP Headlines Week's Docket

NZD

NZD/USD prints at $0.6120/30, the pair is ~0.1% lower than Friday's closing levels. Ranges have been narrow as liquidity remains thin in a muted start to Monday's trading.

  • On Friday the pair firmed ~0.5% remaining well supported through the session with firmer US equities boosting risk appetite. We now sit ~2.3% above year to date lows seen in late May.
  • NZD/USD broke resistance at $0.61111, and sits on the 20-Day EMA ($0.6121). Bulls target a break of $0.6139 (high from 9 June) which opens up $0.62 round number resistance.
  • On the downside bears attention is on a break of $0.61, from here they target low from May 31 ($0.5985).
  • AUD/NZD is holding above $1.10, ranges have been narrow in recent sessions with narrow ranges persisting.
  • Cross asset wise; on Friday S&P500 rose 0.3% and BBDXY was little changed. 10 Year Us Treasury Yields were ~2bps higher.
  • On the wires today we have May Card Spending. Q1 GDP on Wednesday headlines the week's docket, a 0.1% contraction Q/Q is expected.
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