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Firmer As Risk Sentiment Improves

NZD

(MNI Australia) NZD/USD prints at $0.6350, ~0.6% firmer in yesterday's trading.

  • The pair pared its early gains in the European session before again finding support at the 20-day EMA.
  • NZD rallied in the NY session as risk sentiment improved, with a trough to peak rally of ~0.9% before meeting resistance at $0.6358 before marginally paring gains to trade at current levels.
  • Risk sentiment improved as US jobs data printed at market expectations, and Italian authorities said they didn't find any new concerning Covid mutations in recent arrivals from China. The S&P500 rose 1.7% and 10 year US Treasury yields fell ~6bps, while the Bloomberg Dollar Spot Index fell ~0.5%.
  • Technically, bulls look to target the high from 13 Dec at $0.6514. Bears first need to breach the 20-day EMA at $0.6305 to re-establish the downtrend.
  • With no local data on the wires today NZD will be driven by wider swings in risk sentiment.
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