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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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KIWI: NZD/USD was pummelled by broader risk aversion, inspired by worries re:
the economic toll of the coronavirus pandemic & a possible second wave of the
- New Zealand's BusinessNZ M'fing PMI improved to 39.7 from the record low of
25.9, per the data released this morning.
- NZD/USD has been offered from the off and last sits -20 pips at $0.6411. A
drop below the nearby $0.6400 mark would open up the 200-DMA at $0.6321. Bulls
look for a rebound above the recent cycle high of $0.6584, printed on Jun 10.
- Looking further ahead, REINZ House Sales, Services PMI & food price index are
due Monday, Westpac Cons. Conf. hits on Tuesday, BoP current a/c balance comes
out Wednesday & GDP data is due Thursday.

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