Free Trial

The kiwi has perked up since the open,.........>

KIWI
KIWI: The kiwi has perked up since the open, NZD/USD last sits +16 pips at
$0.6318. Antipodean FX trade a bit firmer, even as there has been little on the
wires to drive the move. If anything, New Zealand's data gave no reasons to
cheer, as Q4 construction work volume unexpectedly fell 0.8% Q/Q vs.
expectations of a 0.6% increase.
- The rate can log its fifth straight session of gains, if it stays in the green
today. Thursday saw it finish just above neutral levels, after gyrating amid
assessments of the coronavirus situation.
- Bulls need yesterday's/Feb 27 highs at $0.6334/35 to give way before taking
aim at the Feb 25 peak, located at $0.6359. A reversal under the $0.6300 mark
would encourage bears to look for a deeper pullback, towards the longer-term low
of $0.6180, printed on Mar 2. Worth watching the 100- & 200-DMAs, last at
$0.6483 & $0.6484 respectively, with the 50-DMA heading sharply towards them.
- Coming up next week we have NZ Q4 m'fing activity (Tuesday), card spending
data (Wednesday) and BusinessNZ m'fing PMI & Food Price Index (Friday). RBNZ Gov
Orr delivers his awaited speech on unconventional policy tools next Tuesday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.