NZDJPY Macro Bias and Analysis
Score as of 21 October 2026 · Mild Bull · Low conviction
+1 — Bullish
NZDJPY currently reads mild bull at +1 with low conviction, calculated on 21 October 2026. The dominant input is COT positioning at -2, which favours the Japanese yen. Working against it, policy rates sits at +1. 3 of the nine inputs (GDP, CPI, unemployment) have no current reading and are stated as absent below rather than counted as zero.
Three-block breakdown
| Block | Value | Inputs | Read |
|---|---|---|---|
| Macro | +1 | GDP, CPI, policy rates, retail sales, unemployment, momentum | The macro block nets +1, leaning towards the New Zealand dollar. |
| Sentiment | -4 | COT positioning, retail crowd positioning | The sentiment block nets -4, leaning towards the Japanese yen. |
| Seasonality | 0 | historical monthly tendency | The seasonality block nets out flat — the inputs inside it cancel. |
All nine signals for NZDJPY
GDP — not available
No comparable GDP release for both currencies inside the current scoring window, so growth is excluded from this score.
CPI (inflation) — not available
No comparable CPI release for both currencies inside the current scoring window, so inflation is excluded from this score.
Policy rates — +1
+1 — The central-bank policy-rate differential favours the New Zealand dollar, before accounting for expected changes.
Retail sales — 0
0 — Consumer demand, measured through retail sales, is balanced between the two currencies.
Unemployment — not available
No unemployment release for both currencies inside the current scoring window, so the labour market is excluded from this score.
Momentum — 0
0 — Recent releases against forecast is balanced between the two currencies — this measures surprise, not level.
COT positioning — -2
-2 — CFTC Commitments of Traders futures positioning favours the Japanese yen, read as institutional net exposure.
Retail sentiment — -2
-2 — Crowd positioning, read contrarian, favours the Japanese yen.
Seasonality — 0
0 — The historical tendency for this month is balanced between the two currencies.
October seasonality
In October, NZDJPY has averaged +0.3% over the last two years and +0.2% over five years. The two horizons agree, which makes the tendency more usable as a tiebreaker.
Most recent releases for NZD and JPY
- NZD Credit Card Spending y/y released 21 Oct 2026: actual 6.9, forecast not published, previous 3.6.
- JPY Trade Balance released 20 Oct 2026: actual -0.7, forecast -0.26, previous -0.8.
- NZD GDT Price Index released 20 Oct 2026: actual 2.5, forecast not published, previous 1.2.
How this score is built
- Scores range from -10 to +10. Positive means the New Zealand dollar is favoured over the Japanese yen; negative means the reverse.
- Nine independent inputs feed three conviction blocks: macro, sentiment and seasonality. Conviction rises when blocks agree, not when one input is extreme.
- This is a macro bias and pair-selection read. It is not a trade entry, an execution signal, or investment advice.