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Fresh YTD Low As US Yields Firm

NZD

NZD/USD prints at $0.5880/85, the pair fell ~0.9% on Tuesday.

  • The Kiwi was pressured yesterday as US Tsy Yields ticked higher and weaker Chinese equities weighed on regional sentiment. NZD/USD printed its lowest level since early November 2022.
  • NZD/USD found support at $0.5860 and losses were marginally pared through the NY session.
  • Technically the pair remains in a downtrend; Bears look to break $0.5841 (low from 10 Nov 22) which opens $0.5757 (low from 4 Nov 22) and $0.5728 a Fibonacci projection. Bulls target a break of the 20-Day EMA ($0.5962), which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6165).
  • At the latest GDT auction Whole Milk Powder Av Price rose to $2,702/tonne, increasing from $2,548 at the previous auction.
  • Cross asset wise; 10 Year US Tsy Yields rose ~8bps and now sit above 4.25%. BBDXY was ~0.7% firmer.
  • On the wires this morning we have Q2 Construction Work, a rise of 0.2% Q/Q is expected.
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