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Firms Above 200-Day EMA, Manufacturing PMI On Tap

NZD

NZD/USD prints at $0.6290/95, the pair rose ~1.3% yesterday.

  • Weaker than expected US PPI weighed on the greenback on Thursday with firmer equities boosting risk sentiment. NZD/USD firmed through the session breaking both the 20-Day and 200-Day EMAs.
  • Resistance was seen above $0.63 as the pair printed its highest level since April 6.
  • After yesterday's impressive rally bulls now target $0.6379 high from April 5. Bears look to break the 200-Day EMA ($0.6261) to turn the tide.
  • Cross asset wise; DXY was down ~0.5% and sits a touch above 2023 lows. The S&P500 rose 1.3% and 2 Year US Treasury Yields rose 1bp.
  • On the wires today we have BusinessNZ Manufacturing PMI for March, there is no estimate for the print and the prior read was 52.0. February's Net Migration will also cross.
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