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NZD Slips Amid Broad USD Gains, Outperforms AUD

NZD

NZD/USD lost a little over 0.2% for Tuesday's session, amid broad USD gains (the BBDXY +0.33%). The NZD was mid range from a G10 standpoint, notably outperforming the AUD. NZD/USD tracks in the 0.6235/40 region in early Wednesday trade. This leaves us within recent ranges, with Tuesday late NY lows coming in at 0.6226.

  • We had modest US equity market weakness for the SPX, while EU stocks fell, which likely aided USD at the margins. US yields finished down a touch in yield terms, as the market awaits key US inflation data.
  • Lower metal prices weighed on the AUD, which may have seen some negative spillover to NZD as well. Broadly for NZD/USD we remain reasonably close to the 20-day EMA at 0.6244.
  • Earlier data showed Auckland average house prices rose 0.4% m/m, +3.1% y/y for Dec. Sales momentum was weaker though (see this BBG link).
  • Later we get Dec ANZ commodity prices. Also note AU Nov CPI prints, so be mindful of spillover risks.
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