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Firms As Risk Appetite Improves, Testing 200-Day EMA, Mfg PMI On Tap

NZD

NZD/USD prints at $0.6235/40, the pair rose ~0.4% yesterday.

  • Improving risk appetite in the NY session saw the NZD firm off session lows rising ~1.4% off session lows to test the 200-Day EMA ($0.6234). Spillover a rally in the EUR/USD after the ECB hiked rates and signalled another raise also weighed on the USD.
  • Earlier, the European session, post-GDP lows briefly extended, however the pair was supported ahead of the 20-Day EMA.
  • Bulls look to clear the 200-Day EMA to target high from May 19 at $0.6306. On the downside bears immediate focus is on a break of $0.62 to target the 20-Day EMA ($0.6150).
  • AUD/NZD firmed ~0.9%, continuing its post Aussie jobs rally through the session. The pair now sits back above the $1.10 handle, resistance came in at $1.1050 and gains were briefly pared.
  • Cross asset flows showed a move towards risk assets; S&P500 rose 1.2% and BBDXY fell 0.7%. 10 Year US Tsy Yields were 7bps lower. WTI futures rose ~3.5%.
  • On the wires this morning we have May BusinessNZ Mfg PMI, there is no estimate and the prior read was 49.1.
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