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Firms Alongside US Equities, US Tsys After Weak US Data


NZD/USD prints at $0.5970/75, the pair rose ~1% on Tuesday in its strongest day since mid-July.

  • Weaker than expected US JOLTS Job Openings and Consumer Confidence saw broad based pressure on the greenback as US Equities firmed and US Tsy Yields ticked lower.
  • NZD/USD rose ~1.5% from trough to peak, support came in ahead of YTD lows late in the European session.
  • Despite yesterday's impressive rally, technically we remain in a strong downtrend. Bears look to break the low from 25 Aug ($0.5886) which opens $0.5841 (low from 10 Nov 22) and $0.5762, a Fibonacci projection. Bulls immediate focus is on the 20-Day EMA ($0.5992), a break through here opens high from Aug 10 ($0.6118).
  • Cross assets; S&P500 rose ~1.5%, its strongest day since June, and 2-Year US Tsy Yields fell ~11bps. BBDXY fell ~0.4%. WTI was ~1.3% higher on Wednesday.
  • On the wires this morning we have July Building Permits, there is no estimate and the prior read was 3.5% M/M.

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