NZD/USD has been better bid towards the midway point of the 0.71 handle in a strong performance across the board, forcing GBP/NZD to all time lows with all the Brexit hysteria.
NZD/USD made a fresh high of 0.7141 from recent 0.7034 lows. The bird has been a top performer at the start of this week with global yields determining the price action after Yellen's comments on Friday that triggered a sell-off in long-end U.S. Treasuries that drove an across-the-board rise in Asian bond yields forcing kiwi 10yr yields about 5bps higher and propelling the bird higher.
Analysts at TD Securities offered the economic data outlook with Q3 CPI tomorrow as the key release this week. "A weak outcome has been well-telegraphed for Q3, but still paves the way for a Nov 10 cut. The fortnightly dairy auction and monthly offshore bond holdings will also be released."
Spot is presently trading at 0.7132, and next resistance can be seen at 0.7135 (Yesterday's High), 0.7136 (Weekly High), 0.7143 (Daily High), 0.7157 (Daily Classic R2) and 0.7168 (Daily 100 SMA). Support below can be found at 0.7122 (Daily Classic R1), 0.7115 (Hourly 20 EMA), 0.7115 (Hourly 200 SMA), 0.7102 (Weekly Classic PP) and 0.7099 (Daily Classic PP).
US economic outlook fades in Q3 – AmpGFX