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Higher US Yields Support Greenback, Food Prices On Tap

NZD

NZD/USD prints $0.6383, down ~0.4% in yesterday's trading.

  • The pair firmed in the European session yesterday, retesting Fridays highs before meeting resistance at $0.6420. US Treasury yields rose spilling over into USD strength, NZD/USD had a peak to trough fall of ~0.9% before finding support at $0.6370 and recovering to deal at current levels.
  • US Equities advanced, the S&P500 was ~1.4% firmer and the NASDAQ 100 rose ~1.2%, and the DXY finished up ~0.2%.
  • REINZ Nov House Sales YoY printed early this morning at -36.1% vs -34.7% prior.
  • Technically, bulls look to target the high from 12 Aug at $0.6468, a break through there would open the way to the high from 3 June at $0.6576. Bears need to breach the 20-day EMA at $0.6251 to re-establish the downtrend.
  • On the wires shortly we have Nov Food Prices MoM, the prior reading was 0.8%.
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