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Firmer On Wednesday, Domestic Docket Empty Today

NZD

NZD/USD prints at $0.5915/20, the pair rose ~0.2% on Wednesday.

  • Relatively volatile trade was seen in the aftermath of the US CPI print yesterday, NZD/USD was initially pressured below the $0.59 handle as the monthly core CPI reading from the US was a touch firmer than forecast.
  • Losses were pared and NZD/USD briefly extended gains as owing to the low nature of the unrounded core M/M beat. Resistance was seen ahead of the 20-Day EMA ($0.5936) and the pair marginally pared gains.
  • Bulls immediate focus is on a break of the 20-Day EMA, which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6150). Bears look to break $0.5859 (6 Sep low) which opens $0.5757 (low from 4 Nov 22) and $0.5728 a Fibonacci projection.
  • Cross asset wise; BBDXY fell ~0.1% and S&P500 rose ~0.1%. 2 Year US Tsy Yields fell 5bps.
  • The domestic docket is empty today.
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