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Risk Aversion Clips Kiwi's Wings

NZD

Risk aversion dented NZD/USD on Tuesday. Participants turned cautious ahead of the release of inflation data out of the world's two biggest economies. Defensive flows were amplified by uncertainty surrounding Fed leadership, as BBG reported that Fed Gov Brainard was a "serious rival" for sitting Chair Powell.

  • New Zealand's food price index & flash ANZ Business Confidence will hit the wires on Thursday, while BusinessNZ M'fing PMI will be published on Friday. In the meantime, China's inflation data will provide some interest in the absence of local releases today.
  • NZD/USD trades at $0.7124, down 5 pips on the day. A fall through Nov 5 low/50-DMA at $0.7073/69 would shift focus to the 100-DMA, which intersects at $0.7028. On the topside, bulls look for a rally above Oct 28/21 highs of $0.7217/19.
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