Free Trial

Fresh YTD Low As US Tsy Yields Rise

NZD

NZD/USD prints at $0.5800/05, the pair fell ~0.7% on Wednesday.

  • The ongoing tensions in the Middle East and firmer US Tsy Yields weighed on risk sentiment yesterday.
  • NZD/USD fell ~1.2% from its Asia highs ticking lower through the European and US sessions. A fresh YTD low was printed ($0.5801) and we sit a touch above the $0.58 handle at the open.
  • Bears now look to break the $0.58 handle to target $0.5741 (low from 3 Nov 22) and $0.5657 a Fibonacci projection. To turn the tide bulls target a break of the 20-Day EMA ($0.5888), which opens the $0.60 handle and the 200-Day EMA ($0.6090).
  • AUD/NZD was unable to sustain its post Australia-CPI gains and has retreated below the $1.09 handle sitting at $1.0870/80.
  • Cross asset wise; 10 Year US Tsy Yields rose ~13bps and BBDXY was up ~0.3%. WTI is ~2% higher and S&P500 fell ~1.5%.
  • The RBNZ noted that banks could face defaults on farm lending as an extract from the financial stability report was published.
  • There is no local data due today.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.