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Greenback Pressured As US Yields Fall

NZD

NZD/USD prints $0.6396, ~0.5% firmer in yesterday's trading.

  • The pair traded in a 1.5% range yesterday in volatile trading as the US Dec CPI figures were digested. The headline figure printed at expectations, with the first monthly drop in CPI in 2.5 years. Core Inflation was up 5.7% YoY, its smallest advance in a year.
  • NZD/USD traded in a $0.6320/6415 range in the immediate aftermath of the CPI print, before firming from session lows as US Yields fell in the NY session, meeting resistance above key $0.64 level in late trading.
  • DXY was ~0.9% lower, US 10 Year Yields fell ~11bps and US Equities were stronger as the S&P500 finished up ~0.3%.
  • Whilst the technical outlook is bullish the pair continues to respect recent ranges. Bulls now look to firstly sustain a break of $0.64 to open the Dec 13 high at $0.6514. Bears first look to break 20-day EMA at $0.6326 to turn the tide.
  • An empty local data calendar and a light regional docket mean wider swings in risk sentiment will be the main driver of the NZD today.
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