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NZD/USD picks up bearish momentum

FXStreet (Bali) - NZD/USD has seen sharper losses in the past 2 hours of trading, reaching intraday support at 0.7815/20, where a decent stack of bids is expected ahead of 0.78.

The last bearish leg picked up further momentum following the publication of the RBNZ inflation expectations, with the average one year inflation expectations at 1.59 pct, while two year expectations came at 2.06 pct, sightly lower than in previous readings, hence allowing the RBNZ further room to remain on hold as inflationary pressure recede.

Technically, a break through 0.78 is now needed to exposes 0.7740/50, ahead of 0.77 round number. On the upside, 0.7855/65 should see a cluster of offers ahead of 0.79.

Singapore Gross Domestic Product (QoQ) increased to 3.1% in 3Q from previous 0.1%

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