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Tech Equity Weakness Dents Risk, Retail Sales Miss Adds Pressure To Kiwi

FOREX

Risk-off flows swept across G10 FX space on a negative lead from the equity space, where NASDAQ 100 futures lost ground following disappointing guidance from Snapchat owner. In addition, participants appeared to prefer to err on the side of caution while assessing China's latest package of measures to support the economy.

  • Antipodean currencies paced losses as the broader commodity-tied FX space came under pressure. The kiwi dollar underperformed after New Zealand's retail sales unexpectedly shrank in Q1, defying expectations of a 0.3% quarterly expansion.
  • NZD/USD extended its pullback from yesterday's high of $0.6492. The rate failed to test the $0.6500 figure on Monday, with NZ$785mn worth of options with strikes at that level set to roll off at the NY cut today.
  • Participants sought shelter in safe haven currencies. Demand for safety lifted the yen to the top of the G10 scoreboard.
  • PMI readings from across the globe will keep hitting the wires through the day. Fed's Powell headlines the central bank speaker slate, which also features ECB's Villeroy & Riksbank's Breman.
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