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NZD: Makes Fresh Lows At 0.5940 Before Recovering, Building Permits On Tap

NZD
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NZD/USD finished Thursday trade a touch higher against the USD. The pair tracks near 0.5980 in early Friday dealings. The Kiwi lagged some other G10 currencies, notably JPY and CHF. NZD/USD did touch 0.5940 in US trade before recovering towards current levels into the close. 

  • Broader USD  indices were modestly weaker as JPY and CHF outperformed. US yields were down a touch, the 2yr back to 4.17%. US data was mixed with initial jobless claims lower but the MNI Chicago PMI fell sharply to 41.6.
  • US equities finished lower, along with EU equities, a likely drag on higher beta plays against JPY. NZD/JPY fell as far as 90.43, keeping us within recent ranges, but we track higher now (last near 90.90).
  • For NZD/USD, 0.5940 was a fresh low back to the first half of August. Lows at that time got to 0.5850. The 20-day EMA is back near 0.6050 on the topside.
  • The AUD/NZD cross holds just above 1.1000 in latest dealings, up from late Oct lows at 1.0965.
  • Today we have Sep building permits coming up shortly. The prior outcome was -5.3% m/m. Next week's main data highlight is the Q3 employment report.
  • Earlier data showed property listings rising to an 8month high. Asking prices for property prices fell 1.5% m/m (per BBG). 
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NZD/USD finished Thursday trade a touch higher against the USD. The pair tracks near 0.5980 in early Friday dealings. The Kiwi lagged some other G10 currencies, notably JPY and CHF. NZD/USD did touch 0.5940 in US trade before recovering towards current levels into the close. 

  • Broader USD  indices were modestly weaker as JPY and CHF outperformed. US yields were down a touch, the 2yr back to 4.17%. US data was mixed with initial jobless claims lower but the MNI Chicago PMI fell sharply to 41.6.
  • US equities finished lower, along with EU equities, a likely drag on higher beta plays against JPY. NZD/JPY fell as far as 90.43, keeping us within recent ranges, but we track higher now (last near 90.90).
  • For NZD/USD, 0.5940 was a fresh low back to the first half of August. Lows at that time got to 0.5850. The 20-day EMA is back near 0.6050 on the topside.
  • The AUD/NZD cross holds just above 1.1000 in latest dealings, up from late Oct lows at 1.0965.
  • Today we have Sep building permits coming up shortly. The prior outcome was -5.3% m/m. Next week's main data highlight is the Q3 employment report.
  • Earlier data showed property listings rising to an 8month high. Asking prices for property prices fell 1.5% m/m (per BBG).