From the FXWW Chatroom – NZD opens this morning on the Friday lows and just below the 200 day.ma, but that move has again been benign relative to the Aussie dollar and global equity moves. The Aussie dollar continues to be the more correlated proxy to global growth, equities, China and general risk-off. AUDNZD selling is supporting NZD against the risk-off move. Expect sellers to be around on rallies from here with general market sentiment weak. With little NZ eco data this week we will be taking direction from US data (CPI etc) and ratcheting China-US trade tensions.
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