FxWirePro: NZD/USD consolidating around 0.68, key GDT auction in focus
The antipodeans were cautiously higher on Tuesday, though the market lacked inspiration following underwhelming economic data out of China on Monday USD/NZD hovered around 0.68, extending range trade, in the absence of f…
The antipodeans were cautiously higher on Tuesday, though the market lacked inspiration following underwhelming economic data out of China on Monday
USD/NZD hovered around 0.68, extending range trade, in the absence of fresh drivers
The pair remained in consolidation mode after a recent rally from $0.6235 to $0.6897 ran out of steam
The kiwi's recent upbeat performance has in part been driven by a stabilisation in dairy prices, which recently rebounded from 12-year lows
Expectations that the RBNZ will hold rates steady next week, pausing after three straight cuts, have also helped stabilise the Kiwi
NZD/USD is currently trading at 0.6808, day's range 0.6815/0.6783, with immediate resistance at 0.6820 (Oct 19 high) and support at 0.6781 (Oct 19 low)
Markets await key GDT auction which could provide some direction
