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Consolidating, Commodity Prices On Tap

NZD

NZD/USD prints at $0.7370, little changed in yesterday's trading.

  • The pair consolidated yesterday, trading in a relatively narrow $0.6350/80 range.
  • In the lead up to Fed Chair Powell's scheduled remarks there was some brief pressure on risk assets. Powell refrained from any hints on Fed policy outlook, losses were pared and ranges were respected for the remainder of the session.
  • Cross asset flows were mixed; DXY was ~0.3% firmer and US Equities also rose, S&P500 was up 0.7%. US 10 Year Treasury Yields were ~7 bps higher.
  • Whilst the technical outlook is bullish the pair continues to respect recent ranges. Bulls now look to firstly sustain a break of $0.64 to open the Dec 13 high at $0.6514. Bears first look to break 20-day EMA at $0.6314 to turn the tide.
  • On tap today we have the Dec ANZ Commodity Price Index, the prior reading was -3.9%.
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