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SGD NEER Still Lagging Inflation


(N2) Eyeing Resistance


E-MINI S&P (M2): Trend Needle Points South


EGB Supply For W/C May 23, 2022


Bear Cycle Still In Play

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KIWI: NZD/USD shook off the release of a softer Q3 NZ Westpac Consumer
Confidence reading in early dealing (103.5 Vs. Q2 108.6), with the pair now
benefiting from the bid in GBP/USD which is weighing on the USD (albeit
marginally) in early Asia-Pacific trade.
- Whole milk powder prices fell 1.8% in the last GDT auction (in the London
afternoon on Tuesday), fairing slightly better than 4% fall that futures were
implying. Elsewhere the headline GDT index fell by 1.3%. NZD shrugged off the
latest auction result (as has largely been the case in recent times).
- NZD/USD last deals at $0.6595. The rate's 21-DMA provides initial resistance
ahead of the $0.6640 area. Support is noted at Monday's low ($0.6539), with
longer term NZD/USD support noted at the YTD low ($0.6501), intertwined with
touted option linked support at $0.6500.
- NZ BoP Current A/c data is due in ~5 minutes time, ahead of tomorrow's NZ GDP
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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