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NZD/USD Rebounds, ANZ Business Activity & Confidence Readings Out Today

NZD

NZD/USD is up a little over 1% over the past 24 hours, last trading around 0.5755. The currency benefited from broad based USD weakness, although relative to the rest of the G10, the Kiwi was only middle of the pack. Coming up today is the ANZ activity outlook and business conditions print for October. Note also, RBNZ Governor speaks tomorrow morning NZ time.

  • The USD suffered amid lower core yields, particularly at the back end of the curve. The pull back in the US real 10yr was noticeable, down to 1.59%, versus recent closing highs of 1.73%. US data was softer across business sentiment and housing, with Fed expectations for year end levels also edging down.
  • This, coupled with further improvement in the equity space (VIX to 28.46%), were the main sources of NZD/USD strength.
  • There appears some resistance in the high 0.5700 area, with the run up overnight peaking at 0.5780. Note the 50-day EMA comes in at 0.5857, while the 20-day EMA is at 0.5709.
  • There is no consensus for today's business activity & confidence measures, but there has been some improvement in recent months for both series (activity last -1.8, confidence -36.7).

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