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Below 20-Day EMA, Trims Friday's Gain

NZD

NZD/USD prints at $0.6115/20, the pair is down ~0.2% on Monday.

  • The pair has broken below the 20-Day EMA ($0.6121) in recent trading as some of Friday's gains are trimmed, however moves do remain moderate at this stage. US Treasury Yields are a tick higher aiding the light greenback bid.
  • Bears focus on a break of $0.61, from here they target low from May 31 ($0.5985).
  • AUD/NZD is a touch firmer, the cross is see-sawing around $1.10 handle through recent sessions in narrow ranges.
  • NZIER's Quarterly Consensus notes that economists see 2023/24 GDP expanding at 0.6%. Westpac noted they see Fonterra 2023/24 milk price at $8.90/kg.
  • Cross asset wise; US Treasury Yields are ~1bp higher across the curve and BBDXY is up ~0.1%. E-minis are ~0.1% higher.
  • With a thin data calendar for the remainder of the session wider swings in risk sentiment will be the main driver in NZD.
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