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NZD/USD Just Above Recent Lows, Services PMI On Tap

NZD

NZD/USD is marginally above lows from late last week (~0.5550). We currently sit just under 0.5570, with the Kiwi benefiting from higher GBP levels in the first part of trading today. The focus remains very much on downside pressures though, with the USD ending last week on a firm footing (DXY to 113.30). NZD/USD dipped 1.35% through Friday's session, ending last week down -0.87%.

  • The March 2020 low of 0.5470 is still within reach, while on the topside, recent upticks have run out of steam closer to 0.5700.
  • Cross-asset headwinds remain evident from an equity market standpoint, SPX down 2.37% on Friday, while the VIX closed just above 32%. US yields remained near recent highs (2yr just under 4.50%).
  • Commodity prices also fell, the headline Bloomberg index down just over 2%.
  • Coming up shortly is the September PMI print for the services sector. The last print was 58.6, but the September manufacturing PMI, which was out late last week eased (52.0 from 54.9).
  • Also note Q3 CPI prints on Wednesday, which is likely to be the main data point in focus this week.
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