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Hawkish Fed Bets Drive The USD Higher

NZD

NZD/USD prints $0.5770, little changed from levels seen in late NY trading. The pair finished yesterday's session down ~0.8%.

  • NZD/USD recouped some of its post-FED losses in early trading, before falling ~1.6% off its highs to briefly deal below its 20-day EMA. The pair found support at this key level and pared its losses to deal at current levels.
  • Treasury yields climbed as hawkish re-pricing of the Fed's rate path continued, OIS markets showing a terminal rate peaking at ~5.15% in mid-2023.
  • The S&P500 saw its fourth straight decline dragged down by big tech, Apple tumbled 4% and Amazon suffered its longest slide since 2019. This helped drive the USD higher, DXY finished up ~1.45% for the past 24 hours.
  • NZD remains in a technical downtrend, bears can target the 20-day EMA at $0.5762, the October low at $0.5512. Bulls will be targeting a break and hold above the 50-day EMA at $0.5844.
  • The domestic data calendar is empty today.
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