NZD Ticks Lower As E-Minis Turn Red & AUD Slides

NZD/USD crept higher on Wednesday before taking a dip after the WMR fix amid fading hopes that the White House and Democrats could strike a deal over a fiscal stimulus package before the Nov 3 election. The earlier upswing was briefly interrupted by a speech from RBNZ Asst Gov Hawkesby, but resultant losses were promptly recovered as his remarks largely repeated familiar RBNZ communique.

• Statistics NZ released its experimental weekly series based on payday filing, with the data pointing to a continued recovery in the number of paid jobs.
• Fonterra raised the mid-point of its 2020/21 milk price forecast to NZ$6.80 from NZ$6.40 amid improved demand from China.
• The pair has shed 7 pips thus far, as e-minis turned red while the kiwi's Antipodean cousin AUD has inched lower, with RBA Gov Lowe's speech in focus. NZD/USD last sits -6 pips at $0.6652.
• Bears look for a dip through the 50-DMA/Oct 13 low at $0.6633/29 before targeting Oct 8 low of $0.6547, followed by Sep 24 low of $0.6512. Bulls need a push through Oct 14 high of $0.6682 to bring Sep 18 high of $0.6798 into play.
• New Zealand's BusinessNZ M'fing PMI comes out tomorrow.