The “Bird” has been the main mover in Asia overnight with a sharp drop on the back of a rise in jobless over Q1 to 6.7% from 6.3%. Falling dairy prices aren’t helping either, and the recent employment data may well put pressure on further OCR cuts from the RBNZ.

The 200 day SMA comes in around 0.8064 and a close below here tonight will likely increase the pressure and a test of the psychological 0.8000 level which also holds a barrier,.. so likely decent bids just ahead of it. We ‘ve hit a low of 0.8040 following the early data release.

NZD/USD’s sitting around 0.8048