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Consolidating Gains, CPI In Focus

NZD

NZD/USD prints at $0.6505, up ~0.2% in yesterday's trading.

  • The pair was rangebound as it consolidated recent gains.
  • Resistance was met above $0.6515 early in the European session before paring gains, stronger than expected US PMI data saw the greenback briefly on the front foot. Support came in below $0.6470.
  • A recovery off session lows in US equities aided a bid in NZD/USD, meeting resistance at $0.6515 to par gains to current levels.
  • Cross asset flows were mixed, DXY was down ~0.2% and S&P500 was ~0.1% softer. US 10 Year Treasury Yields were down ~5bps.
  • A break above $0.6530, opens up $0.66 as the next target for bulls. Bears look to break the 20-Day EMA at $0.6392 to turn the tide.
  • Q4 CPI is on the wires shortly, the Bloomberg survey median estimate for the headline number is 7.1% YoY/1.3% QoQ. CPI Tradeable QoQ is estimated at 0.8%, and Non-Tradeable QoQ at 1.7%.
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