Outperforms, Card Spending On Tap

NZD/USD prints at $0.6431, ~0.8% firmer yesterday, NZD was the strongest performer in G-10 space at the margins.

• The pair was pressured in the European session as a broad based bid in USD, support was found below $0.6370.
• NZD/USD rallied as the broad based move in USD reversed, extending gains on weaker than expected US Empire Manufacturing. NZD held gains, printing its highest level since mid December, and closed above the key level of $0.64.
• Whole Milk Powder average price rose to $3,218 a tonne up from $3,208 at the previous auction. The GDT Index fell ~0.1%.
• Bulls look to target the Dec high at $0.6514 after closing above $0.64. Bulls first target a break below 20-day EMA at $0.6345 to turn the tide.
• On the wires earlier Dec REINZ House Sales fell 39.0%, the prior reading was -36.1%.
• On the wires this morning we have Dec Card Spending MoM Retail (prior was 0.3%) and Total (prior was -0.4%).