NZD Supported On Dips Towards 0.6100, Business Confidence Data Out Today
NZD/USD was the top performer against the USD in Asia trading yesterday. We tested highs from the 24th of 0.6150, but was unable to break it. From there we had a directional change, pulling back to 0.6115 before US data was released. Better than expected US JOLTS job openings saw USD buying and we got to lows 0.6106 but rebounded from there, to close largely unchanged for the day at 0.6130.
- NZD/USD continues to be range bound, trading largely in a 0.6100/0.6150 range since Jan 16, the 20 and 50-day with EMAs holding steady in the 0.6150/60 range. The FOMC rate decision is out tonight, so expect little movement outside any major global news event.
- Australian Q4 CPI out at 1130 AEDT, so be mindful of spillover risks for NZD/USD.
- The AUD/NZD cross continues to track recent ranges struggling to hold above 1.0800, while earlier Jan lows rest just under 1.0700.
- Data out today: ANZ Activity Outlook & Business Confidence