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Firms On Tuesday, Net Migration On Tap

NZD

NZD/USD prints at $0.6040/45, the pair rose ~0.4% on Tuesday.

  • Stronger US Equities and lower US Tsy Yields weighed on the greenback on Tuesday, sentiment was also helped by headlines that China is considering raising its budget deficit for 2023 as the govt prepares to unleash a new round of stimulus.
  • NZD/USD firmed through the NY session rising ~0.8% from trough to peak.
  • Bulls look to breach the $0.61 handle and the 200-Day EMA which comes in at $0.6116. This opens the high from 1 Aug ($0.6217). Bears look to breach the 20-Day EMA ($0.5970) to target the YTD low ($0.5859) and $0.5728 a Fibonacci projection.
  • AUD/NZD sits a touch off the base of the recent range, as the pair consolidates above the $1.06 handle.
  • Cross asset wise; S&P500 rose 0.5% and 10 Year US Tsy Yields fell ~15bps. BBDXY was ~0.3% lower and WTI fell ~0.5%.
  • On the wires in ~30 minutes we have August Net Migration, there is no estimate for the print.
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