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Firms Off 3-Month Low, ANZ Business Survey On Tap

NZD

NZD/USD prints at $0.6165/70, ~0.1% firmer in yesterday's trading.

  • Broad based greenback weakness in the European session helped lift NZD/USD off its lowest level since November, firming ~0.8% from trough to peak.
  • Resistance was seen ahead of $0.6180 and the Kiwi marginally pared gains as US Equities retreated from best levels.
  • The technical downtrend continues, bears target $0.60, round number support. Bulls first look to break the 20-day EMA at $0.6282 to turn the tide.
  • Cross asset flows showed a risk-on tone. S&P500 was up 0.3%, and DXY was down ~0.5%. 10 Year US Treasury Yields were ~2bps lower.
  • The Feb ANZ Business Survey is on the wires this morning. There are no estimates for the print, Business Confidence prior read was -52.0 and Activity Outlook was -15.8.
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