Consolidating Gains, US Treasury Yields Fall

NZD/USD prints at $0.6220/25, the pair was ~1.5% firmer in yesterday's trading.

• The USD was pressured yesterday as there were substantial moves across fixed income markets. The US 2 Year Yield declined ~60bps the most since October 1982, there is now just 14bps in hikes in Fed dated OIS down ~100bps since Wednesday.
• NZD/USD consolidated above $0.62, the pair was as much as 2% before meeting resistance ahead of the 200-day EMA ($0.6266). A decline into the close in US Equities weighed on the NZD.
• Bulls target the 200-Day EMA at $0.6266. Bears look to break $0.6085 low from 8 March to resume the downtrend.
• AUD/NZD was little changed yesterday, the pair briefly printed by $1.07 before paring losses.
• Cross asset wise, US Treasury Yields fell sharply as mentioned the 2-Year Yield fell ~60bp and the 10-Year Yield fell ~13bps. S&P500 fell 0.2%, DXY was ~0.9% lower.
• On the wires this morning REINZ House Sales YoY fell 31.1% in February. Net Migration for January is on tap shortly, there is no estimate for the print.