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Breaks 100-day EMA, PMI & Food Prices On Tap Today

NZD

NZD/USD prints $0.6030, little changed from late NY levels, having printed fresh November highs and the strongest levels for the pair since early September.

  • The pair was under pressure in the Asian session as negative price action in regional equities spilled over into risk sentiment. Kiwi found support at $0.5850, before a trough to peak rally of ~3.4% breaking through the 100-day EMA as US CPI y/y came in at its lowest since January and the core measure slowed more than anticipated.
  • US Yields fell, with the 2YY down 25 bps. OIS markets are now pricing in almost nil chance of a 75 bps hike at the next Fed meeting, with 50 bps now expected. The S&P500 gained ~5.5%, the DXY fell ~2.6%.
  • Bulls will now look to target the September high at $0.6161 then the 200-day EMA at $0.6240. Bears will look to the 100-day EMA at $0.5865 to re-establish the downtrend.
  • Coming onto the wires shortly we have Manufacturing PMI (last 52.0) and Food Prices (last +0.4%) for October.
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NZD/USD prints $0.6030, little changed from late NY levels, having printed fresh November highs and the strongest levels for the pair since early September.

  • The pair was under pressure in the Asian session as negative price action in regional equities spilled over into risk sentiment. Kiwi found support at $0.5850, before a trough to peak rally of ~3.4% breaking through the 100-day EMA as US CPI y/y came in at its lowest since January and the core measure slowed more than anticipated.
  • US Yields fell, with the 2YY down 25 bps. OIS markets are now pricing in almost nil chance of a 75 bps hike at the next Fed meeting, with 50 bps now expected. The S&P500 gained ~5.5%, the DXY fell ~2.6%.
  • Bulls will now look to target the September high at $0.6161 then the 200-day EMA at $0.6240. Bears will look to the 100-day EMA at $0.5865 to re-establish the downtrend.
  • Coming onto the wires shortly we have Manufacturing PMI (last 52.0) and Food Prices (last +0.4%) for October.