Offered In Early Trade, Commodity Prices On Tap

NZD/USD prints $0.6370, down ~0.5% from Friday's closing levels.

• The USD has begun the week on the front foot, NZD/USD gapped lower as the printing an early low at $0.6361 in thin liquidity before recovering to current levels. NZD was the second best performer in G-10 space last week, with no obvious headline catalyst the NZD is giving back some of its gains.
• Bloomberg reports Shanghai eased some of its Covid restrictions, with a statement from city authorities saying measures will "continue to be optimized and adjusted" in line with the national policy and the situation.
• Technically, bulls look to target the high from 12 Aug at $0.6468, a break through there would open the way to the high from 3 June at $0.6576. Bears need to breach the 200-day EMA at $0.6243 to re-establish the downtrend.
• Today we have the ANZ Commodity Price MoM for November, the prior reading was -3.4%.