NZD: NZD/USD - Bounces Off Support, Resistance Now Towards 0.5950
The NZD/USD had a range overnight of 0.5855 - 0.5892, Asia is trading around 0.5880. US equities shrugged off the disappointment from Nvidia and returned to doing what it does best, making new highs. Data overnight showed the US economy is still expanding and risk reacted in kind, but the USD can’t catch a break and remains heavy. The NZD has bounced off its support toward 0.5800, sellers should continue to be around looking to fade the move back towards the 0.5950 area initially. US Futures have opened slightly lower this morning, E-minis -0.05%, NQU5 -0.10%.
- ANZ Consumer Confidence Measure Falters, Back To Late 2024 Levels: The ANZ August consumer confidence print fell by 2.9% to 92.0. This is back to levels from late last year.
- (Bloomberg Economics) -- Don’t get too attached to the modest uptick in New Zealand’s July jobs data. Our analysis of the weekly payroll data suggests the increases in monthly employment for June and July are likely to be revised down. We expect the RBNZ to deliver another 50 basis points of rate cuts by 1Q26 — taking the official cash rate down to 2.50% from 3.00% currently.
- MNI BRIEF: Beijing Confirms Top Trade Official Now In The U.S. China’s senior trade negotiator Li Chenggang has travelled to Washington this week for talks with U.S. officials, Commerce Ministry spokesperson He Yongqian confirmed on Thursday.
- Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5700(NZD500m Sept 2), 0.5700(NZD384m Sept 3) - BBG
Fig 1: NZD/USD Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ASIA: Government Bond Issuance Today
- Vietnam To Sell VND 3.0Tln 2040 Bonds; (TD2540037)
- Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
- Vietnam To Sell VND 0.5Tln 2030 Bonds; (TD2530010)
- Vietnam To Sell VND 8.0Tln 2035 Bonds; (TD2535027)
- Bank Indonesia to Sell 32D SUVBI Bills
- Bank Indonesia to Sell 185D SUVBI Bills
- Bank Indonesia to Sell 94D SUVBI Bills
- Bank Indonesia to Sell 276D SUVBI Bills
- Bank Indonesia to Sell 367D SUVBI Bills
- India to Sell INR60bn 182-Day Bills
- India to Sell INR100bn 91-Day Bills
- India to Sell INR50bn 364-Day Bills
ASIA: Coming Up in Asia Today
| 0200GMT | 0900HKT | 1100AEDT | Philippines Exports YoY JUNE |
| 0200GMT | 0900HKT | 1100AEDT | Philipppines Exports JUNE |
| 0200GMT | 0900HKT | 1100AEDT | Philippines Imports YoY JUNE |
| 0200GMT | 0900HKT | 1100AEDT | Philippines Imports JUNE |
| 0200GMT | 0900HKT | 1100AEDT | Philipppines Trade Balance JUNE |
| 0300GMT | 1000HKT | 1200AEDT | South Korea Retail Sales YoY JUNE |
| 0300GMT | 1000HKT | 1200AEDT | South Korea Department Store Sales YoY JUNE |
| 0300GMT | 1000HKT | 1200AEDT | South Korea Discount Store Sales YoY JUNE |
| 0300GMT | 1000HKT | 1200AEDT | Singapore Unemployment Rate SA JUNE |
| 0500GMT | 1200HKT | 1400AEDT | Thailand Mfg Production Index ISIC NSA YoY JUNE |
| 0500GMT | 1200HKT | 1400AEDT | Thailand Capacity Utilisation ISIC JUNE |
source: Bloomberg Finance LP / MNI
NZD: NZD/USD - Consolidates Around 0.6550, Awaits FOMC
The NZD/USD had a range overnight of 0.5943 - 0.5970, Asia is trading around 0.5955. The pair found some demand around 0.5950 and has consolidated around here as we await the FOMC tomorrow morning. There is lots of event risk coming up this week that could all impact the risk backdrop significantly. Support now seen back towards the 0.5850/0.5900 area.
- MNI MACRO OUTLOOK: IMF Increases US and China Growth F'casts, But Risks To Downside. The International Monetary Fund on Tuesday boosted U.S. and China growth forecasts, citing a de-escalation of tariffs and increased fiscal stimulus while warning global growth is at risk because of trade disputes.
- "NZ'S WILLIS APPROVES KIWIBANK PARENT CO. UP TO NZ$500M RAISING" - BBG
- Bloomberg - China and the US will continue discussing the terms of a tariff truce extension, with Donald Trump making the final call, Scott Bessent said. Adding an extra 90 days from the Aug. 12 deadline is one option, he noted after two days of talks in Stockholm.
- Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6000(NZD395m). Upcoming Close Strikes : 0.5965(NZD474m July 31). - BBG
- CFTC Data shows Asset Managers again reduced their newly built longs in NZD +5034(Last +8192), the Leveraged community added slightly to their shorts last week -7328(Last -6744).
- Data/Event : ANZ Activity Outlook & Business Confidence
Fig 1: NZD/USD Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
