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Pressured; Caixin PMI & Q4 Labour Report Weigh

NZD

NZD/USD prints at $0.6420/25, ~0.3% softer in today's trade. NZD is the weakest performer in G10 space at the margins.

  • The pair has been pressured post a softer-than-expected Caixin PMI print, with the rise in New Zealand unemployment still weighing. We’ve dealt through the 20-day EMA in recent trade, a level which has proven difficult for bears to sustain a break of recently.
  • AUD/NZD is little changed in today's trading, and is holding onto its post NZ labour market report gains. NZD/JPY is ~0.2% softer and has dealt through its 20-day EMA.
  • Cross asset signals are mixed, US Equity futures are trading lower and BBDXY is ~0.1% firmer. US Treasury Yields are essentially little changed.
  • Today's Fed rate decision and press conference is the next macro risk event.
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