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NZD: +1% Gain Amid China Optimism, Consumer Sentiment Out Today

NZD
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NZD/USD stayed on the front foot post the Asia close on Thursday. We sit near 0.6325/30 in early Friday dealings, close to late session highs from US trade. The Kiwi was an outperformer in the G10 space in Thursday trade, rising over 1% (along with the AUD). Continued stimulus news emanating out of China helped both currencies outperform. 

  • For NZD/USD focus will remain on earlier highs from this week at 0.6356, while late December highs were at 0.6369. The 20-day EMA, which is trending higher, sits back at 0.6221.
  • The latest round of China stimulus measures (from late yesterday) focused on potentially $284bn of sovereign debt issuance to boost economic momentum, particularly for consumption (per RTRS). After local equities surged in onshore trade yesterday, China's Golden Dragon index rose nearly 11% in Thursday US trade. Such a backdrop is aiding NZD and broader China related asset sentiment.
  • Elsewhere in the cross asset space, US and EU equities both rose, although US market gains were more modest (SPX +0.40%). US yields finished higher at the front end, 2yr  nearly +7bps to 3.63%. Better data for durable goods orders, and initial jobless claims drove US yield sentiment.
  • For NZ today, coming up shortly we have the September ANZ consumer confidence print. 
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NZD/USD stayed on the front foot post the Asia close on Thursday. We sit near 0.6325/30 in early Friday dealings, close to late session highs from US trade. The Kiwi was an outperformer in the G10 space in Thursday trade, rising over 1% (along with the AUD). Continued stimulus news emanating out of China helped both currencies outperform. 

  • For NZD/USD focus will remain on earlier highs from this week at 0.6356, while late December highs were at 0.6369. The 20-day EMA, which is trending higher, sits back at 0.6221.
  • The latest round of China stimulus measures (from late yesterday) focused on potentially $284bn of sovereign debt issuance to boost economic momentum, particularly for consumption (per RTRS). After local equities surged in onshore trade yesterday, China's Golden Dragon index rose nearly 11% in Thursday US trade. Such a backdrop is aiding NZD and broader China related asset sentiment.
  • Elsewhere in the cross asset space, US and EU equities both rose, although US market gains were more modest (SPX +0.40%). US yields finished higher at the front end, 2yr  nearly +7bps to 3.63%. Better data for durable goods orders, and initial jobless claims drove US yield sentiment.
  • For NZ today, coming up shortly we have the September ANZ consumer confidence print.