MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

GERMANY AUG GFK CONS CLIMATE -18.4 (-21.0 F'CAST; -21.6 JULY)

INDON Curve Out-Performs As Investors See Rate Hikes Ending

MNI: UK APR-JUN MEDIAN PAY AWARDS +4.9% :Brightmine

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZD/USD Makes New Cycle Highs, Eyes 0.6200

NZD
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

The Kiwi finished Wednesday's session up 0.26% at 0.6193, completely reversing the moves made on Tuesday while the BBDXY finished little changed at 1,251.86. The NZD continues its sideways trend and appears relatively robust in the current market, strength in the currency can be attributed to the hawkish RBNZ. Later, we have ANZ commodity Prices for May following yesterday's rise in dairy prices.

  • NZD/USD erased all losses made the prior day, and made new 3 months highs of 0.6198, the weaker-than-expected US ADP Jobs did see a brief 25pip sell-off in the pair, although this was entirely erased by the close. The pair has opened inline with closing levels at 0.6193, the 14-day RSI is hovering near overbought territory at 68, while MACD indictor holds stable.
  • Key levels to watch: Initial resistance 0.6200 (round number) while above here we then eye a test of 0.6220 (March 8 high). Initial support is now 0.6120 (20-Day EMA) a break here would open a move to 0.6083 area (May 23rd lows)
  • Late Wednesday, NZ May houses prices fell 0.02% m/m, marking the second straight fall. Increasing volume of property for sales and higher interest rates have been the largest contributors to the fall.
  • The US-NZ 2y is 6bps lower at -35bps, the past two weeks has seen a 28bps move lower.
  • Option expiries: 0.6050 (NZD518m June 6), upcoming strikes include 0.6115 (NZD699m June 7), 0.6100 (NZD410m June 7), 0.5920 (NZD386m June 11).
  • Looking ahead: Volume of All Buildings at 08:45 & ANZ Commodity Price at 11:00 AEST
252 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The Kiwi finished Wednesday's session up 0.26% at 0.6193, completely reversing the moves made on Tuesday while the BBDXY finished little changed at 1,251.86. The NZD continues its sideways trend and appears relatively robust in the current market, strength in the currency can be attributed to the hawkish RBNZ. Later, we have ANZ commodity Prices for May following yesterday's rise in dairy prices.

  • NZD/USD erased all losses made the prior day, and made new 3 months highs of 0.6198, the weaker-than-expected US ADP Jobs did see a brief 25pip sell-off in the pair, although this was entirely erased by the close. The pair has opened inline with closing levels at 0.6193, the 14-day RSI is hovering near overbought territory at 68, while MACD indictor holds stable.
  • Key levels to watch: Initial resistance 0.6200 (round number) while above here we then eye a test of 0.6220 (March 8 high). Initial support is now 0.6120 (20-Day EMA) a break here would open a move to 0.6083 area (May 23rd lows)
  • Late Wednesday, NZ May houses prices fell 0.02% m/m, marking the second straight fall. Increasing volume of property for sales and higher interest rates have been the largest contributors to the fall.
  • The US-NZ 2y is 6bps lower at -35bps, the past two weeks has seen a 28bps move lower.
  • Option expiries: 0.6050 (NZD518m June 6), upcoming strikes include 0.6115 (NZD699m June 7), 0.6100 (NZD410m June 7), 0.5920 (NZD386m June 11).
  • Looking ahead: Volume of All Buildings at 08:45 & ANZ Commodity Price at 11:00 AEST