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Risk Aversion Weighs On Kiwi

NZD

NZD/USD lost ground after Asia hours Tuesday as risk backdrop deteriorated, with a bleak reading of U.S. consumer confidence weighing on U.S. equities. There was little in the way of notable catalysts out of New Zealand, leaving offshore developments in the driving seat, but the kiwi finished the day as the worst G10 performer.

  • Firmer commodity space failed to cushion NZD losses, even as BBG Commodity Index rose for the third consecutive day.
  • NZD/USD trades flat at $0.6239 as we type. Yesterday's move allowed the pair to narrow in on its Jun 14 cyclical low of $0.6197, which provides the initial bearish target. Bulls look for a break above Jun 24/27 highs of $0.6327, before taking aim at Jun 16 high of $0.6396.
  • The local data docket is empty today. As a reminder, tomorrow ANZ will publish its Business Outlook Survey, while RBNZ Chief Economist Conway will speak at the National Property Conference.
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NZD/USD lost ground after Asia hours Tuesday as risk backdrop deteriorated, with a bleak reading of U.S. consumer confidence weighing on U.S. equities. There was little in the way of notable catalysts out of New Zealand, leaving offshore developments in the driving seat, but the kiwi finished the day as the worst G10 performer.

  • Firmer commodity space failed to cushion NZD losses, even as BBG Commodity Index rose for the third consecutive day.
  • NZD/USD trades flat at $0.6239 as we type. Yesterday's move allowed the pair to narrow in on its Jun 14 cyclical low of $0.6197, which provides the initial bearish target. Bulls look for a break above Jun 24/27 highs of $0.6327, before taking aim at Jun 16 high of $0.6396.
  • The local data docket is empty today. As a reminder, tomorrow ANZ will publish its Business Outlook Survey, while RBNZ Chief Economist Conway will speak at the National Property Conference.