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200-Day EMA Caps Gains, PPI On Tap

NZD

NZD/USD prints at $0.6250/55, the pair rose ~0.3% yesterday.

  • Kiwi outperformed yesterday benefitting from the lingering impact of ANZ's revision of RBNZ rate hikes, the bank added a 25bp hike to their projections, and higher US Equities.
  • Resistance was seen above the 200-Day EMA ($0.6263) and gains were pared.
  • Bulls immediate attention is on the 200-Day EMA; a break through here opens the high from May 11 at $0.6385. Bears target low from 26 April at $0.6112.
  • AUD/NZD fell ~0.2% the pair, consolidating in a narrow range below $1.07. NZD/JPY printed a 5 month high after rallying ~1.2%.
  • Cross asset wise; S&P500 rose ~1.2% and BBDXY firmed ~0.2%. 2 Year US Treasury Yields rose 7bps.
  • On the wires today we have Q1 PPI, there is no estimate for the print. The New Zealand Government's budget is also due today.
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