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Underperforming, Chinese Covid Headlines in Focus

NZD

MNI(Australia) - NZD/USD prints $0.6319, down ~0.1% in today's trading, with only SEK a worse performer in G-10 space.

  • The pair has been in a narrow $0.6315/24 range in a muted start for the Kiwi. AUD/NZD is ~0.2% firmer and is testing NZ$1.06 handle as the cross looks to recover following the overnight dip. Coming up shortly is Q3 Australian GDP.
  • The Whole Milk Powder average price rose to $3,400 a tonne from $3,397 overnight, the GlobalDairyTrade Overall Price Index increased 0.6%.
  • Participants will be looking to Covid headlines out of China. As a reminder RTRS sources previously noted that “China may announce 10 new COVID-19 easing measures as early as Wednesday (today), two sources with knowledge of the matter told Reuters, supplementing 20 unveiled in November that set off a wave of COVID easing steps nationwide.”
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