Firms Off YTD Lows, Trade Balance On Tap

NZD/USD prints at $0.5845/50, the pair was ~0.1% lower yesterday.

• Kiwi firmed off YTD lows through the European and NY sessions after finding support ahead of the $0.58 handle.
• NZD/USD briefly entered positive territory after Fed Chair Powell noted the Fed was proceeding carefully. Front end US Tsy Yields fell and the USD was pressured. Kiwi couldn't sustain the bid and ticked lower into the close.
• Downside support now comes in at $0.5812, low from 19 Oct, the $0.58 handle and $0.5719 a Fibonacci projection. Bulls look to move through the $0.59 handle to target the 20-Day EMA ($0.5923) and the high from 11 Oct ($0.6056).
• AUD/NZD see-sawed around the 200-Day EMA in a narrow range on Thursday.
• Cross asset wise; 2 Year US Tsy Yields fell 6 bps and BBDXY was ~0.1% softer. S&P500 fell ~0.9%.
• In ~30mins September Trade Balance is due, there is no estimate for the print. The prior read was a deficit of $2.291bn.