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Outperformed, Greenback Pressured Following Friday's US Data

NZD

NZD/USD prints at $0.6339, down ~0.1% in early trading on Monday in a muted start to the week's dealing.

  • On Friday NZD/USD rallied ~2.7% in a trough to peak rally after mixed US jobs data and weaker than expected ISM Services Index print, to finish as the strongest performer in G-10 space at the margins.
  • The pair breached its 50,200 and then 20-day EMAs, before meeting resistance above $0.6350 a level it has struggled to breach in recent dealing.
  • DXY fell ~1.3%, US Equities were firmer with the S&P500 up 2.5% and NASDAQ 100 ~3% higher. 10 Year US Treasury Yields declined 15 bps.
  • Bulls have re-established the bullish trend, they now target a break above $0.64 to open the Dec 13 high at $0.6514. Bears first look to break the 20-day EMA at $0.6305.
  • There is a light domestic data calendar ahead this week with just ANZ Dec Commodity Prices and Nov Building Permits on tap.
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