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Support Near 0.6100 Still Evident, Q3 Current Account Slightly Wider

NZD

NZD/USD was volatile around the US CPI print, from highs of 0.6170 we pulled back to lows of 0.6105. We recovered back to 0.6130/35, which is where we currently track in early Wednesday trade. This is a touch higher for the Tuesday session as a whole, with the BBDXY down a 0.20%. Broadly NZD/USD remains within recent ranges.

  • USD weakness was more evident against the Yen and EUR for the session, with yen holding nearing 0.50% higher for the session. NZD/JPY tracks near 89.20 currently, up slightly from Tuesday lows just under 89.00.
  • US yields were volatile, recovering some of the post CPI weakness, but the back end still finished lower versus end Monday levels (10yr down nearly 3bps to 4.206%). The front end was slightly firmer, 2yr +2bps to 4.73%.
  • US equities finished higher (SPX +0.46%), while aggregate commodity indices were dragged down by weaker oil prices. The energy sub index off 4.13%, the headline Bloomberg index -1.05%.
  • On the data front, Q3 current account figures have just printed. The deficit slightly wider than forecast at -7.6% of GDP (-7.4% was expected). Nov food prices print later.
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