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Weekly Claims, Retail Sales, TIC Flows


Large call buyer

KIWI: NZD/USD last seen at $0.6412, nearly unchanged on the day.
- The pair slid somewhat in Monday's Asia-Pac hours, amid reported AUD/NZD
demand, and a subsequent recovery attempt was followed by another dip. A
stronger USD kept a lid on a pre-WMR fix upswing, and the rate declined,
finishing 18 pips shy of the prior close. The aforementioned greenback strength
stemmed from higher U.S. Tsy yields coupled with relatively hawkish comments
from Fed's Rosengren (one of the two hawkish dissenters at the latest FOMC
- A clean break below the trendline resistance-turned-support would allow bears
to maintain momentum. A further dip through the nearest round figure would allow
them to focus on the recent cycle low of $0.6378. Conversely, bulls look for a
jump above the $0.6421-23 zone, which registered several lows this month, before
challenging the 23.6% fibo retracement of the Jul-Aug fall at $0.6475.
- NZ docket is empty today; credit card spending and retail sales will be
published on Wednesday and Friday respectively.