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Recent Gains Trimmed On Wednesday, Food Prices On Tap

NZD

NZD/USD prints at $0.6020/25, the pair fell ~0.4% on Wednesday.

  • Recent gains were trimmed yesterday, Kiwi printed a 2-month high before ticking lower as marginally higher front end US Tsy Yields supported the USD. Oil was pressured, WTI fell ~3%.
  • NZD/USD found support ahead of the $0.60 handle and sits ~2.5% above the low from the 4 Oct.
  • Bulls look to break the high from 11 Oct ($0.6056) which opens the $0.61 handle and the 200-Day EMA which comes in at $0.6115. Bears look to breach the 20-Day EMA ($0.5973) to target the YTD low ($0.5859) and $0.5728 a Fibonacci projection.
  • Comments from RBNZ Gov Orr have crossed from the bank's Annual Report, he notes that the OCR needs to stay restrictive for the foreseeable future and that the effects of tightening are flowing through as anticipated.
  • On tap shortly we have September Food Prices, there is no estimate and the prior read was 0.5% M/M. REINZ House Sales rose 5.1% Y/Y in September, the prior read was 9.2% Y/Y.
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