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NZD Rangebound Ahead of Employment Data

NZD

NZD is around mid-range in terms of Tuesday's performance relative to the rest of the G10 (up 0.40%), but the Kiwi generally lagged during the USD sell-off in US trade. The main focus is NZ employment data out shortly.

  • NZDUSD, remained in a tight trading range post Asia trading on Tuesday, as Europe came in the pair gave back all daily move higher finding daily lows of 0.6047, the move was quickly reversed with US yields moving lower the pair currently trades near daily highs of 0.6079 pre NZ Employment data. NZDUSD has spent the past two days trading in a tight range of 0.6040/0.6080, while 20 and 50 day EMA comfortably sit above spot in the 0.6125/6140 range.
  • AUDNZD has held onto its gains after the RBA rate decision on Tuesday, just off daily highs of 1.0740 to currently trade at 1.0731 pre NZ employment data. The pair has been trading in a trading in a 1.070/1.0850 range all year and has seen multiple attempts at breaking the 1.070.
  • The market looks for Q4 employment growth at 2.1% q/q, versus 2% prior. The unemployment rate is expected to tick higher though to 4.3% from 3.9%.
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