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Firms After Softer US PMIs

NZD

NZD/USD prints at $0.5975/80, the pair rose ~0.6% on Wednesday. This was the largest daily gain for the Kiwi since 31 July.

  • Softer than expected flash US PMI weighed on US Tsy Yields and the USD, NZD/USD rose ~1% from trough to peak before marginally paring gains.
  • A strong revenue outlook from Nvidia supported US Equity Futures in late trade, which aided NZD/USD’s consolidation of gains into the close.
  • Bulls now look to regain the $0.60 handle to target the 20-Day EMA ($0.6025), a break through here opens high from Aug 10 ($0.6118).
  • Despite yesterday's rally we remain in a strong downtrend, bears look to break the low from 21 Aug ($0.5897) which opens $0.5841 (low from 10 Nov 22) and $0.5775, a Fibonacci projection.
  • Cross asset wise; BBDXY fell ~0.3% and S&P500 rose ~1%. 10 Year US Tsy Yields fell ~13bps.
  • The domestic docket is empty today.
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