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Flat Start, PSI On Tap

NZD

NZD/USD prints at $0.6305, little changed from Monday’s opening levels in a flat start to the week's trading.

  • The pair was rangebound on Friday, firming through the European session before meeting resistance above $0.6334 (50-day EMA). An offer in USD/JPY, as a Nikkei report surfaced noting former BoJ board member Ueda will be nominated to the BoJ Governor, spilling over into broader pressure on the USD.
  • Gains were unwound through the NY session, the U of Mich survery showed inflation expectations in the US increasing, with support coming in ahead of $0.63 to finish trading ~0.3% lower.
  • Technically the pair consolidated last week. Bears first look to break February lows at $0.6270. Bulls look for a break of $0.64.
  • Cross asset flows were mixed; S&P500 rose 0.2%, 10 Year Treasury Yields rose ~9bps and DXY was ~0.4% higher.
  • On the wires shortly we have Jan Performance Services Index, there is no estimate, the prior read was 52.1.

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