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Underperforms, ANZ Business Survey On Tap

NZD

NZD/USD lagged modest USD gains seen elsewhere. The currency is down around 0.15% for Monday's session, last sitting near 0.6365. Post the Asia close we had nearly a 70pip range, with the move towards 0.6410 running out of steam, while support was evident closer to 0.6340 during NY trade.

  • The AUD/NZD cross traded with a firmer bias, weighing on NZD at the margins, with the pair getting above 1.0560 before selling interest emerged (last back at 1.0525).
  • Cross asset signals were a headwind for the NZD, US equities lower, SPX off by 0.9%, while US cash Tsy yields rose, 8-11bps across the curve. This didn't translate into broader USD gains though (the BBDXY is down slightly).
  • On the downside is the 20-day EMA, which comes in 0.6307, a break below this level would also threaten the uptrend channel from October. On the topside recent highs sit between 0.6450 and 0.6515.
  • Out today are the ANZ activity outlook and business confidence prints for December.
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