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Strongest Day In Two Weeks, Card Spending On Tap

NZD

NZD/USD prints at $0.5915/20, the pair rose ~0.6% on Monday.

  • Kiwi had its strongest performance since 29 August, consolidating its early BOJ-inspired gains as China's credit data for August provided risk sentiment with a firmer backdrop through Monday's session.
  • Resistance was seen ahead of the 20-Day EMA ($0.5941) and gains were marginally pared.
  • Despite yesterday's impressive rally technically the pair remains in a downtrend; Bears look to break $0.5859 (6 Sep low) which opens $0.5757 (low from 4 Nov 22) and $0.5728 a Fibonacci projection.
  • Bulls immediate focus is on a break of the 20-Day EMA, which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6154).
  • Cross asset wise; S&P500 was ~0.6% firmer and BBDXY fell ~0.7%. 10 Year US Tsy Yield was ~2bps firmer.
  • On the wires in ~90 minutes we have August Card Spending, there is no estimate for the print. July Net Migration will also cross.
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