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NZD Outperforms USD Gains, AUD/NZD Near 200-Day MA

NZD

NZD was the best performer within the G10 space to start the week. NZD/USD managed to edge higher (0.10%), despite broad based USD gains, and last tracks around 0.5810. Dips sub 0.5780 were supported overnight, but tight ranges prevailed overall. The NZD remains somewhat wedged between the 20-day EMA (0.5751) and the 50-day EMA (0.5850) for now.

  • Kiwi's outperformance came despite lower US equities into month end, although the VIX only edged slightly higher and closed sub 26%. US yields were higher, with NZ-US spreads moving against the NZD over recent sessions, but this is yet to weigh materially on FX performance.
  • Commodity currencies outperformed in general overnight, although NZD likely benefited from some AUD/NZD cross selling flows. This pair tracked below 1.1000 before support kicked in. The simple 200-day MA is near by at 1.1002.
  • Just printed is September building approvals, which was +3.8% m/m (there was no consensus for this print), and it follows a -1.6% dip in August.
  • The other risk event for NZD is spill over from the RBA meeting this afternoon.
  • NZ Finance Minister Robertson has also sought advice on whether specific timeframes could be added to when the RBNZ is expected to achieve its inflation and employment targets. This forms part of the RBNZ policy remit review (see this link for more details).
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