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NZD: NZD/USD Falls Slightly, After US data Beats Estimates

NZD
USGlobalAPACNew ZealandBulletMarketsForeign Exchange BulletsRegionNorth America
  • The NZD/USD fell 0.29% on Tuesday closing at 0.6184. After the USD index found support and was unable to breach the previous lows seen in August while firmer US advanced retail sales number and stronger-than-expected IP have supported a moderate correction higher for the DXY as we approach the pivotal FOMC decision on Wednesday.
  • There was a late sell-off in equity which did cause some weakness in the higher beta currencies including the NZD, although we still remain within recent ranges and didn't test any major support zones.
  • The pair continues to trades above all key moving averages, indicating bullish momentum. Initial resistance is 0.6237 (Sept 6 high) above here cycle highs of 0.6300 becomes the target. Support is Thursday's lows of 0.6130 while further below we have the 100 & 20-day EMAs at 0.6100/90 area.
  • The average price for whole milk powder rose 1.5% to $3,448 per ton, up from $3,396 at the previous auction. The GDT price index increased by 0.8% weighted average price for all milk products was $3,883 per ton.
  • New Zealand consumer confidence improved in the three months through September, rising to 90.8 from 82.2 in the previous quarter. A net 15% expect the economy to worsen in the next 12 months, down from 31% in the second quarter. Meanwhile, 6.3% expect their financial position to improve in a year, 25% reported worsened finances, down slightly from 28% last quarter.
  • RBNZ dated OIS pricing has cooled 2-3bps into year-end, with 84bps of cuts now being priced. Pricing through to July next year has also cooled 2-5bps with 202bps of by priced by July.
  • The NZ-US 2yr swap spread rose 1bps to 17bps on Tuesday
  • Expiries: 0.615 ($450m), 0.6035 ($500m) Sep 19
  • Today, BoP Current Account Balance at 0845 AEST / 0645 HKT
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  • The NZD/USD fell 0.29% on Tuesday closing at 0.6184. After the USD index found support and was unable to breach the previous lows seen in August while firmer US advanced retail sales number and stronger-than-expected IP have supported a moderate correction higher for the DXY as we approach the pivotal FOMC decision on Wednesday.
  • There was a late sell-off in equity which did cause some weakness in the higher beta currencies including the NZD, although we still remain within recent ranges and didn't test any major support zones.
  • The pair continues to trades above all key moving averages, indicating bullish momentum. Initial resistance is 0.6237 (Sept 6 high) above here cycle highs of 0.6300 becomes the target. Support is Thursday's lows of 0.6130 while further below we have the 100 & 20-day EMAs at 0.6100/90 area.
  • The average price for whole milk powder rose 1.5% to $3,448 per ton, up from $3,396 at the previous auction. The GDT price index increased by 0.8% weighted average price for all milk products was $3,883 per ton.
  • New Zealand consumer confidence improved in the three months through September, rising to 90.8 from 82.2 in the previous quarter. A net 15% expect the economy to worsen in the next 12 months, down from 31% in the second quarter. Meanwhile, 6.3% expect their financial position to improve in a year, 25% reported worsened finances, down slightly from 28% last quarter.
  • RBNZ dated OIS pricing has cooled 2-3bps into year-end, with 84bps of cuts now being priced. Pricing through to July next year has also cooled 2-5bps with 202bps of by priced by July.
  • The NZ-US 2yr swap spread rose 1bps to 17bps on Tuesday
  • Expiries: 0.615 ($450m), 0.6035 ($500m) Sep 19
  • Today, BoP Current Account Balance at 0845 AEST / 0645 HKT