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Firmer On Thursday, Consumer Confidence On Tap

NZD

NZD/USD prints at $0.6145/50, the pair rose ~0.5% yesterday.

  • The pair was pressured in the aftermath of the latest US data releases. GDP Price Index and Core PCE were both firmer than forecast, however session lows from early in Asia remained intact.
  • US Equities rose the most since January, as solid earnings from mega-cap tech companies boosted risk sentiment, aiding NZD/USD to re-coup the majority of its post US data losses.
  • Despite yesterday's rally we remain in a downtrend, bears target low from 8 March at $0.6085. Bulls first look to break the 20-Day EMA ($0.6191) to turn the tide.
  • Cross asset wise; S&P500 rose 1.9% and DXY was little changed. 10-Year US Treasury Yields rose ~7bps.
  • On the wires this morning we have April ANZ Consumer Confidence. There is no estimate for the print, the prior read was 77.7.
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