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Fresh YTD Low On Wednesday

NZD

NZD/USD prints at $0.5855/60, the pair was ~0.7% lower yesterday.

  • Kiwi was pressured through yesterday's European and NY sessions, weaker equities and the lingering impact of the weaker than forecast Q3 CPI print weighed.
  • NZD/USD fell ~1.2% from peak to trough printing a fresh YTD low ($0.5851), a brief recovery from session lows was seen late in the NY session however the move didn't follow through and Kiwi ticked lower into the close.
  • Downside support now comes in at $0.5841, low from 11 Nov 22, the $0.58 handle and $0.5719 a Fibonacci projection.
  • AUD/NZD has firmed above the $1.08 handle and sits a touch below the 200-Day EMA ($1.0822).
  • Cross asset wise on Wednesday the S&P500 fell ~1.4% and BBDXY was ~0.4% higher. US Tsys Yield firmed with the 10YY up 8bps. Oil was ~2% higher.
  • The local docket is empty on Thursday.
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