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Trims Tuesday's Gains

NZD

NZD/USD prints at $0.5950/55, the pair is ~0.3% lower in Asia.

  • Kiwi has trimmed Tuesday's gains through today's Asian session with losses extending after spillover from a weaker than forecast CPI print in Australia.
  • Bears look to break the low from 25 Aug ($0.5886) which opens $0.5841 (low from 10 Nov 22) and $0.5762, a Fibonacci projection.
  • AUD/NZD continues to consolidate in a narrow range above the 200-Day EMA ($1.0839).
  • The RBNZ sold a net of $4bn NZD to build its reserves of foreign currencies. The Reserve Bank sold a net NZ$3.96 billion, according to data posted on its website, the largest sale in records dating to 2004.
  • A thin docket for the remainder of the Asian session leaves wider swings in risk sentiment as the main driver of NZD.
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