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Narrow Range v USD, AUD/NZD Softens

NZD

NZD/USD prints at $0.6245/50, the pair is ~0.1% firmer today

  • Kiwi has see-sawed in a narrow range around the 20-Day EMA in Asian trade today, the firmer was ~0.2% before trimming gains after weaker than expected Chinese data.
  • Bulls immediate attention is on the 200-Day EMA ($0.6249) ; a break through here opens the high from May 11 at $0.6385.
  • AUD/NZD is ~0.3% softer dealing a touch above the $1.07 handle. The pair was pressured after the RBA May meeting minutes before extending losses after the aforementioned China data release.
  • Cross asset wise; e-minis are ~0.2% lower and the Hang Sang is ~0.6% higher. US Treasury Yields are ~2bps lower across the curve.
  • Looking ahead, the next domestic data of note is Thursdays Q1 PPI before April Trade Balance crosses on Friday. The New Zealand budget is released on Thursday.
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