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Firmer On Monday, Key EMAs In View

NZD

NZD/USD prints at $0.6235/40, the pair was ~0.8% firmer yesterday.

  • The pair firmed through Monday's session trimming the 3% fall late last week, the greenback was pressured as soft US data weighed. Empire Manufacturing printed its lowest level since April 2020 and there was little progress on the US debt ceiling.
  • NZD/USD broke through $0.62 handle and consolidated gains before firming into the close and sits a touch below the 20- and 200-Day EMAs.
  • Bulls immediate attention is on the 200-Day EMA ($0.6249) ; a break through here opens the high from May 11 at $0.6385. Bears target low from 26 April at $0.6112.
  • Westpac updated their RBNZ forecast and now see the bank raising the OCR to a peak of 6% in 2023.
  • Cross asset wise, S&P500 was up 0.3% and BBDXY was down ~0.3%. Bloomberg Commodity Index was up ~1.1%.
  • April Non Resident Bond Holdings will cross today, there isn't expected to be any market impact from the print.
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