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NZD/USD Finds Support Sub 20-Day EMA, Trade Figures On Tap

NZD

NZD was amongst the weakest performers within G10 through Tuesday's session, falling on par with AUD and SEK. NZD/USD currently tracks at 0.6345/50, -0.30% in the past 24 hours.

  • We did dip to 0.6301 late yesterday and during NY trading, which saw the pair break below uptrend channel support, and move below the 20-day EMA, which comes in a 0.6311. We managed to rebound into the close to track around current levels though.
  • The ANZ December consumer confidence number has already printed, falling 8.6% to 73.8, which is also fresh record lows. This continues the run of recent poor survey results this week in NZ.
  • Coming up shortly is NZ trade data for November. The last trade deficit print was -NZ$2129mn. There are no consensus estimates for the trade figures.
  • During the NY session we also got the whole milk auction price update, which fell by 3.8% to $3493/tonne.
  • NZD/JPY is down over 4% for Tuesday's session, last tracking near 83.55/60. We fell to 82.67 during NY trading, before some support kicked in, but we are comfortably below all key MAs.
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