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Steady Start, Q3 GDP Headlines Week's Docket

NZD

NZD/USD prints at $0.6110/20, the pair is a touch below Friday's closing levels. Ranges are narrow thus far with little moves of note in a steady start to the week's dealing.

  • On Friday Kiwi was pressured falling ~0.8% as a strong NFP print supported the greenback. There was a higher than expected change in NFP and the unemployment rate ticked lower to 3.7%.
  • NZD/USD held above the $0.61 handle, and the recent $0.61/62 range remains intact.
  • Technically the pair remains in an uptrend, a reminder that last week the 20-Day EMA ($0.6088) cross the 200-Day EMA ($0.6073) signalling more potential upside. Bulls target a break of $0.6223, high from 4 Dec, this opens $0.63 handle. On the downside bears immediate focus is on the 20-Day EMA to turn the tide.
  • The highlight of the local docket this week is Q3 GDP on Thursday, a rise of 0.2% Q/Q is expected. Also crossing this week is Nov Card Spending and Oct Migration (tomorrow), Nov Food Prices (Wednesday) and Nov BusinessNZ Mfg PMI (Friday).
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