The NZD/USD is a touch higher and moves lower are likely to face fierce resistance, says ANZ in its morning note. "AUD and NZD have held up well despite weaker AUD data, increased probability of an RBA cut and weaker U.S. ISM activity." The U.S. ISM unexpectedly fell below 50, to 49.5, "however it was not confirmed by other indicators, with construction spending increasing 1.4% and the Markit version of the ISM increasing to 52.8 from 52.4. This and good China and Europe results perhaps explains why sentiment hasn't fallen, driving NZD/USD lower." The pair is at 0.8211 vs 0.8198 late Monday. ANZ expects the pair to trade in short-term range of 0.8160-0.8230.
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