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NZD Underperforms, Food Prices & RBNZ's Silk On Tap Today

NZD

NZD/USD saw fresh lows at 0.5870 in NY trade, while resistance remains ahead of the 0.5900 level, amid tight ranges overall. We last tracked near 0.5880, down nearly 0.20% for Monday's session. The Kiwi was the worst performer in the G10 space, with most other currencies posting gains for Monday's session.

  • For NZD, focus remains on downside momentum, with bears likely targeting a test back below 0.5800, key topside resistance around the 100-day EMA (0.5983) is in focus on any renewed upside push.
  • AUD/NZD rallied noticeably late in Asia Pac trade on Monday, the pair is back to 1.0850, after starting yesterday around 1.0790.
  • The NZD didn't see any meaningful benefit from improved risk appetite in the EU equity space, although US markets still finished marginally lower (SPX -0.08%). US yields lost some ground, more so at the front end, US 2yr off 3bps to 5.03%. This comes ahead of the US CPI due later in US trade on Tuesday.
  • Aggregate commodity indices rose (headline BBG index +1.61%), but this appeared to benefit more so the AUD than NZD.
  • Coming up later this morning we have October food prices. The prior was -0.4% m/m. Note that RBNZ Assistant Governor will speak about the RBNZ's balance sheet later. The monetary policy outlook is not expected to be covered.
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