Some snippets from commentary for the session via BNZ
Overnight:
- backdrop of a stronger USD
- NZD … down to 0.67
- after again meeting some technical resistance in the 0.6730-0.6740 zone
On yesterday's data:
- NZ inflation data had no impact on the market yesterday
On NZ economy:
- growth slowing
- global risks in the background
- inflation pressures will remain well contained
On the RBNZ:
- market continues to place a high weight on another rate cut next month
Dairy auction:
- GDT dairy auction was better than expected
- The recovery breaks the downturn in pricing, but we'd be hesitant to suggest that it marks the start of a fresh upward trend. Our bias remains for flat to lower pricing over coming months.
----
Handy summary from BNZ. Note the resistance level cited, daily chart (wobbly line is mine):
