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NZD: NZD/USD Steady, OIS Firms, Trade Balance Up Next

NZD
USGlobalAPACNew ZealandBulletMarketsForeign Exchange BulletsRegionNorth America
  • The NZD/USD was little changed on Friday, reaching a high of 0.6260 before retreating to close down 0.02% at 0.6238. The RSI stands at 61, indicating a neutral outlook, while the MACD is red and decreasing, suggesting reduced selling pressure.
  • It is a reasonably quiet week for New Zealand, today we have Trade Balance data which will be the major data point for the week.
  • The pair remains in a upward trend and trades comfortably above all moving averages, indicating bullish momentum. Initial resistance is 0.6269 (Sept 19 high) above here cycle highs of 0.6300 becomes the target. Support is 0.6154 (Sep 16 / Weekly Lows) while further below we have the 50-day EMA at 0.6138.
  • RBNZ dated OIS pricing firmed slightly on Friday and is currently pricing 40bps of cuts priced for October or about a 60% chance of a 50bps cut. Pricing through to July next year is 3-5bps firmer.
  • The NZ-US 2yr swap spread fell 1bps to 19bps on Friday
  • Expiries: 0.5925 ($700m), 0.6300 ($952.37m) Sep 23
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  • The NZD/USD was little changed on Friday, reaching a high of 0.6260 before retreating to close down 0.02% at 0.6238. The RSI stands at 61, indicating a neutral outlook, while the MACD is red and decreasing, suggesting reduced selling pressure.
  • It is a reasonably quiet week for New Zealand, today we have Trade Balance data which will be the major data point for the week.
  • The pair remains in a upward trend and trades comfortably above all moving averages, indicating bullish momentum. Initial resistance is 0.6269 (Sept 19 high) above here cycle highs of 0.6300 becomes the target. Support is 0.6154 (Sep 16 / Weekly Lows) while further below we have the 50-day EMA at 0.6138.
  • RBNZ dated OIS pricing firmed slightly on Friday and is currently pricing 40bps of cuts priced for October or about a 60% chance of a 50bps cut. Pricing through to July next year is 3-5bps firmer.
  • The NZ-US 2yr swap spread fell 1bps to 19bps on Friday
  • Expiries: 0.5925 ($700m), 0.6300 ($952.37m) Sep 23