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NZD/USD Eyeing 200-day EMA Upside Test, Oct Trade Data Out Today

NZD

NZD/USD currently tracks near 0.6040, which is close to Monday session highs (0.6043). The currency is up around 0.80%, the third best performer in the G10 space at this stage for the session. Broad based USD weakness remained a feature post the Asia close on Monday, the BBDXY down a further 0.40% to sub 1240.

  • For NZD bulls the 200-day EMA is at 0.6063, a resistance level we haven't breached since July of this year. The 100-day EMA sits back near 0.5985.
  • High beta FX was buoyed on Monday trade, although yen still rallied strongly. The SPX rose 0.7%, the Nasdaq +1.13%, with the tech index back to levels last seen in January 2022.
  • This buoyed NZD, as optimism around the soft land scenario has risen since last week's downside US CPI miss.
  • US yields were relatively steady. Commodity index indices higher, the Bloomberg aggregate index +0.76%.
  • On the data front today, we have Oct NZ trade figures out soon. New Zealand is also close to having a new government after the National Party reached agreement with coalition partners on policy areas (see this BBG link).
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