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Narrow Ranges In Asia, RBA In View

NZD

NZD/USD prints at $0.6160/65, the pair is little changed from opening levels.

  • Kiwi has observed narrow ranges in Asia today with little follow through on moves. NZD/USD is holding above Monday's lows thus far.
  • Despite yesterday's fall an uptrend is firmly in place, bulls target the 76.4% retracement of Jul-Oct bear leg ($0.6261) and the high from 14 July ($0.6412). On the downside bears focus on the 200-Day EMA ($0.6069).
  • On the wires this morning the NZ Government's 4-month budget deficit was $3.85bn, $91mn wider than forecast. Commodity Export Prices also crossed, falling 1.3% M/M in November.
  • Across the Tasman the latest monetary policy decision from the RBA crosses in just under 2 hours, AUD/NZD flows may come to the fore, there is no change to policy expected. In ~10 minutes we have Caixin Services PMI from China.
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