Firms As US Yields Soften, RBNZ On Tap

NZD/USD prints at $0.6310/15, the pair was ~0.2% firmer yesterday

• Kiwi was range bound against the USD yesterday, NZD/USD was moderately pressured as US Treasury Yields rose through the European session.
• A reversal in US Yields on softer jobs data saw the NZD firm off session lows, rallying around ~0.6% from trough to peak.
• Bulls target a break of the high from Feb 14 at $0.6390, from here they can target 2023 high at $0.6538. Bears first look to break the 20-Day EMA ($0.6241) to turn the tide.
• AUD/NZD fell ~0.7% yesterday after the RBA held rates at 3.6%. The cross is back below its 20-Day EMA having been unable to sustain a break.
• Whole Milk Powder average price fell at the latest GDT auction to $3,053 from $3,228.
• Cross asset flows were mixed; 10 Year US Treasury Yields fell 7bps, DXY was ~0.5% softer. S&P500 fell 0.6%.
• The RBNZ monetary policy decision provides the highlight today, the bank is expected to raise the OCR 25bps to 5.00%. The MNI preview is here.