NZD/USD has shed 18 pips and operates at.......>

KIWI: NZD/USD has shed 18 pips and operates at $0.6589, the lowest levels since

mid-December. Well-documented worry surrounding the spread of Wuhan Coronavirus

has been the key driver inspiring participants to shy away from Antipodean FX. A

Sydney Morning Herald report re: potential fifth infected patient in Australia

added to the existing concern over developments in China and elsewhere. Similar

worries sapped kiwi strength Friday, inspiring NZD/USD to finish a handful of

pips worse off.

- Earlier today, Statistics NZ revised their reading of NZ employment change for

Q3 to +1.0% Y/Y from +0.9%. 

- The rate trades slightly away from its worst levels at typing. It had a brief

look under the 50-DMA at $0.6581 and bears look for a sustained break below

there, before targeting the Dec the Dec 18 low of $0.6554. Conversely, a return

onto the $0.6600 handle would allow bulls to target the Jan 16 high of $0.6665.

- Under the microscope this week, we have New Zealand's trade balance (Thursday)

and ANZ Consumer Confidence Survey (Friday). Worth reminding that the Auckland

region observes a regional holiday today.