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NZD: Tracks Near 20-day EMA, Last Week Best For NZD Since Late Sep

NZD
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NZD/USD tracks slightly lower in the first part of Monday Asia Pac dealings, the pair last near 0.5910/15. Highs from late Friday were close to 0.5930. NZD was still up a little over 1.4% last week, its best weekly gain since end Sep. Current spot levels are right on the 20-day EMA, further up we have the 50-day EMA near 0.5985. Recent lows remain just under 0.5800. 

  • NZD/USD rebounded last week, in line with higher NZ-US yield differentials, with the RBNZ's hawkish 50bps cut on Wednesday a key driver. The NZ-US 2yr swap spread is at -44bps against recent lows around -60bps.
  • Broader USD sentiment was softer through Friday's session, with yen the clear outperformer. Yen was also up strongly for the week amid renewed Dec hike speculation. NZD/JPY is back to 88.50/55 in early Monday dealings today, fresh lows since Sep of this year.
  • AUD/NZD is holding near recent lows, the pair last near 1.1015.
  • On the data front we have already had Oct building permits print, down -5.2%m/m, versus a +2.4% gain in Sep.
  • Tomorrow we have Q3 terms of trade, then Nov ANZ commodity prices on Wednesday. Volume of building work prints on Thursday.  
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NZD/USD tracks slightly lower in the first part of Monday Asia Pac dealings, the pair last near 0.5910/15. Highs from late Friday were close to 0.5930. NZD was still up a little over 1.4% last week, its best weekly gain since end Sep. Current spot levels are right on the 20-day EMA, further up we have the 50-day EMA near 0.5985. Recent lows remain just under 0.5800. 

  • NZD/USD rebounded last week, in line with higher NZ-US yield differentials, with the RBNZ's hawkish 50bps cut on Wednesday a key driver. The NZ-US 2yr swap spread is at -44bps against recent lows around -60bps.
  • Broader USD sentiment was softer through Friday's session, with yen the clear outperformer. Yen was also up strongly for the week amid renewed Dec hike speculation. NZD/JPY is back to 88.50/55 in early Monday dealings today, fresh lows since Sep of this year.
  • AUD/NZD is holding near recent lows, the pair last near 1.1015.
  • On the data front we have already had Oct building permits print, down -5.2%m/m, versus a +2.4% gain in Sep.
  • Tomorrow we have Q3 terms of trade, then Nov ANZ commodity prices on Wednesday. Volume of building work prints on Thursday.