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Struggling Above 0.6300

NZD

(MNI Australia) NZD/USD struggled to maintain positive momentum evident yesterday post the Asia close. After getting near 0.6320, the pair slipped to lows at 0.6264 in NY trading. We currently track slightly firmer at 0.6275. The Kiwi was an underperformer against the rest of the G10 except for JPY.

  • Firmer risk appetite inspired by China's decision that inbound travellers will no longer be required to quarantine, while also downgrading the management of the Covid virus, gave way to a more cautious tone.
  • US equities were mixed with the Nasdaq notably weaker, with several tech companies weighed by production/demand concerns emanating from China. US yields pressed higher across the curve (+6-11bps), which also weighed on sentiment for the NZD.
  • The AUD/NZD cross remains on the front foot. The pair got close to 1.0750, while dips sub 1.0700 were supported.
  • NZD/USD remains out of the uptrend channel, while the 20-day EMA comes in at 0.6299. On the downside the 200-day EMA sits at 0.6255. There is no major domestic data released until the new year.
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