Under Pressure In Early Trade

NZD/USD pushed higher Tuesday, printing best levels since Sep 21, but moved away from best levels alongside its commodity-tied peers as oil dipped. Cross-flows may have helped keep the rate afloat, as AUD/NZD fell below its 200-DMA for the first time since Apr 21.

• Today's address from RBNZ Gov Orr centred around climate change, with the official highlighting associated risks to financial stability.
• Statistics NZ released provisional, indicative trade data for the period Feb 1 - Oct 21. Total imports fell 13.5% Y/Y & exports were little changed. In the period Oct 1-21, imports fell 11% Y/Y & exports rose 4.1%.
• The rate has shed 11 pips this morning and last deals at $0.6699. A fall through Oct 27/26 lows of $0.6672/71 would turn bearish focus to the 50-DMA, which kicks in at $0.6646. Below there opens Oct 20 low of $0.6553. Bulls look for a recoil above Oct 27 high of $0.6724 before targeting Sep 18 cycle high of $0.6798.
• Looking ahead, final New Zealand ANZ Business Confidence comes out Thursday, with ANZ Consumer Confidence coming up Friday.