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NZD: NZD/USD Back Sub 20-day EMA, AUD/NZD To Fresh Multi Month Highs

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NZD/USD tracks near Monday lows in early Tuesday dealings. The pair was last 0.5640/45 (Monday lows were at 0.5635). Highs for the pair were at 0.5665. NZD sits around 0.30% weaker for Monday's session, amid mixed G10 trends, although USD indices finished higher by around 0.20-0.25% across the DXY and BBDXY indices. 

  • Tech wise for NZD/USD we sit back under the 20-day EMA (near 0.5655). The 50-day EMA, (close to 0.5700/05) hasn't been breached on the upside through late Jan/early Feb looks to be a more important resistance point. Dips in the pair sub 0.5600 have been supported.
  • Kiwi weakness tracked yen and EUR falls for the most part through Monday trade. It lagged a more resilient AUD backdrop though. AUD/NZD has broken above 1.1100, the pair last near 1.1130, fresh highs back to Nov last year.
  • The A$ saw some benefit from the rising global equity market backdrop, although such trends usually also benefit NZD. The firmer metals commodity price action, as Trump proposes tariffs on steel and aluminium imports into the US, may have helped the A$ outperform.
  • NZD/USD also continues to track NZ-US 2yr swap spreads fairly closely, this spread last near -80bps in the USD's favour.
  • The local data calendar is empty today, with card spending and inflation expectations data due on Thursday, as the next major focus points. 
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NZD/USD tracks near Monday lows in early Tuesday dealings. The pair was last 0.5640/45 (Monday lows were at 0.5635). Highs for the pair were at 0.5665. NZD sits around 0.30% weaker for Monday's session, amid mixed G10 trends, although USD indices finished higher by around 0.20-0.25% across the DXY and BBDXY indices. 

  • Tech wise for NZD/USD we sit back under the 20-day EMA (near 0.5655). The 50-day EMA, (close to 0.5700/05) hasn't been breached on the upside through late Jan/early Feb looks to be a more important resistance point. Dips in the pair sub 0.5600 have been supported.
  • Kiwi weakness tracked yen and EUR falls for the most part through Monday trade. It lagged a more resilient AUD backdrop though. AUD/NZD has broken above 1.1100, the pair last near 1.1130, fresh highs back to Nov last year.
  • The A$ saw some benefit from the rising global equity market backdrop, although such trends usually also benefit NZD. The firmer metals commodity price action, as Trump proposes tariffs on steel and aluminium imports into the US, may have helped the A$ outperform.
  • NZD/USD also continues to track NZ-US 2yr swap spreads fairly closely, this spread last near -80bps in the USD's favour.
  • The local data calendar is empty today, with card spending and inflation expectations data due on Thursday, as the next major focus points.