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Firms From Fresh YTD Low As US Yields Fall

NZD

NZD/USD prints at $0.5845/50, the pair rose ~0.3% yesterday marking the first daily gain in a week.

  • Kiwi firmed from YTD lows yesterday rising ~0.9% from trough to peak as lower US Tsy Yields ticking lower boosted risk appetite through the NY session.
  • Earlier in the session NZD/USD found support ahead of the $0.58 handle after briefly extending recent losses as 10-Year US Tsy Yields hit 5%.
  • Downside support now comes in at $0.5808, low from 23 Oct, the $0.58 handle and $0.5665 a Fibonacci projection. Bulls look to move through the $0.59 handle to target the 20-Day EMA ($0.5907) and the high from 11 Oct ($0.6056).
  • AUD/NZD continues to observe narrow ranges, the pair is sitting a touch above the 200-Day EMA.
  • Cross asset wise; 10-Year US Tsy Yields fell ~6bps and BBDXY was ~0.4% lower. S&P500 fell ~0.2%.
  • The local docket is empty today.
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