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Outperforms, Global Covid Concerns Rise

NZD

(MNI Australia) NZD/USD prints at $0.6310, ~0.6% firmer in yesterday's trading, NZD was the strongest performer in G-10 space at the margins.

  • The pair firmed through the European session supported by news of Hong Kong ending some of its last major Covid rules and the removal of China's ZCS before meeting resistance above $0.6350.
  • NZD pared its gains as Italian authorities said they would begin Covid testing on all flights from China, and the US is also increasing testing requirements for Chinese arrivals. NZD/USD found support above $0.6300 before trading in a $0.6305/40 range in light holiday volumes.
  • US Equities fell on the concern that the end of China's ZCS could lead to a rise in cases globally, S&P500 was down ~1.2%. The Bloomberg Dollar Index was ~0.3% firmer.
  • Technically, bulls look to target the high from 13 Dec at $0.6514. Bears need to breach the 200-day EMA at $0.6254 to re-establish the downtrend.
  • With no local data on the wires today NZD will be driven by wider swings in risk sentiment.
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