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Highest Since May After US CPI Softens, Mfg PMI On Tap

NZD

NZD/USD prints at $0.6295/0.6300, the pair rose ~1.6% in yesterday's dealing.

  • Broad based pressure on the greenback was evident after both core and headline US CPI printed softer than expected. NZD/USD firmed ~2% from trough to peak.
  • The pair breached the 200-Day EMA ($0.6224) with resistance coming in above $0.63 and gains were marginally pared.
  • Bulls look to break yesterday's high ($0.6309), a break through here opens high from 11 May ($0.6385). Bears first target the 200-Day EMA.
  • AUD/NZD softened back below $1.08 as the pair was unable to hold post RBNZ gains. The pair prints at $1.0775/85.
  • On the wires a short time ago; NZ June Home Sales rose 14.6% Y/Y.
  • Cross asset wise; 10 Year US Tsy Yields fell 11bps, and BBDXY fell ~1%. S&P500 was ~0.7% higher yesterday.
  • On tap today we have June Business NZ Mfg PMI, there is no estimate and the prior read 48.9. June Food Prices and Card Spending also cross.
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