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Gains Pared As US Yields Rise, Manf PMI On Tap

NZD

NZD/USD prints at $0.6320/25, ~0.2% firmer in yesterday's trading.

  • The pair firmed through the European session as improving risk sentiment pressured the USD, resistance was seen at the 20-day EMA ($0.6389) after NZD/USD rallied ~1.4%.
  • Rising US Treasury Yields weighed on US equities through the NY session dampening risk appetite. The NZD/USD pared the majority of its gains through the session to deal at current levels.
  • Technically the pair has consolidated this week. Bears first look to break February lows at $0.6270. Bulls look for a break of $0.64.
  • S&P500 was down ~0.9% and US 10 Year Treasury Yields rose ~7bps. DXY finished down ~0.1%, the index did rally ~0.6% off session lows.
  • Jan BusinessNZ Manufacturing PMI is on the wires shortly, there is no estimate the prior print was 47.2. We also have Jan Card Spending, the Dec print was -1.2%.
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