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Pressured, Recent Ranges Respected

NZD

NZD/USD prints at $0.6455/60, ~0.2% softer in today's trading.

  • Pressure has been seen in recent trade with the greenback on the front foot, however recent ranges have been respected with support coming in at $0.6450. NZ PM Hipkins announced a cabinet reshuffle, possibly weighing on NZD at the margins.
  • The pair had firmed post the official Chinese PMI print, with non-manf PMI comfortably beating expectations, before meeting resistance ahead of $0.6480.
  • AUD/NZD briefly dealt below its 200-day EMA in the wake of weaker than expected retail sales in Australia, however the cross was supported at the 50-day EMA and has now recovered above the $1.09 handle to last print at $1.0920.
  • The Q4 Labour Report is on the wires early tomorrow morning, the Bloomberg survey median looks for a headline unemployment rate at 3.3%.
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