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Firmer Start, UBS Agrees Credit Suisse Deal

NZD

NZD/USD prints at $0.6280/85, ~0.2% firmer from Friday's closing levels.

  • UBS has agreed to buy Credit Suisse, with the SNB offering a $100bn liquidity line to UBS while the Swiss government is granting a CHF9pm guarantee to assume potential losses from assets UBS is taking over.
  • Risk sentiment lifted in early Monday trading generating demand for the NZD.
  • Falling US Treasury Yields as Fed rate cut expectations for 2023 increased saw the NZD firm on Friday, resistance was seen at the 200-day EMA which has been breached in early trade this morning.
  • Technically the pair is sitting a touch above the 200-Day EMA ($0.6275), from here bulls target $0.64. Bears target 2023 lows at $0.6085.
  • The domestic data calendar is empty today, looking ahead tomorrow Feb Trade Balance will cross. On Wednesday Q1 Westpac Consumer Confidence is due and on Thursday February ANZ Heavy Truckometer completes the week's data.
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