Risk Aversion Pushes NZD/USD Under Its 50-DMA

NZD/USD struggled to make much headway as it ground higher in Wednesday's Asia-Pac hours and turned its tail into the London morning, losing altitude through the European session. Sales were driven by broader flight to safety, as participants observed the spiralling coronavirus numbers across Europe and the consequent snapback of some further restrictions on social mobility. The sell-off took the rate below its 50-DMA before a spell of consolidation into the close.

• Statistics NZ released its experimental weekly series based on payday filing, which showed that paid job numbers rose 510 in the week through Sep 20.
• The pair has ticked away from yesterday's low and last sits +4 pips at $0.6642. A push through Oct 27 high/76.4% retracement of the Sep 18 - 24 sell-off at $0.6724/31 would please bulls, opening up Sep 18 high of $0.6798. Bears look for a dip through Wednesday's low of $0.6629 before taking aim at the 100-DMA, intersecting at the round figure of $0.6600.
• New Zealand's calendar is headlined by final ANZ Business Confidence today, due for release at the top of the hour. ANZ Consumer Confidence comes out tomorrow.