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Kiwi Pressured In Asia, Fitch Downgrades US

FOREX

The NZD is the weakest performer in the G-10 space at the margins on Wednesday, New Zealand's Unemployment Rate ticked higher in Q2 and wages growth slowed. Early in the session Fitch downgraded the US from AAA to AA+, the downgrade echoes a similar move made by S&P in 2011.

  • NZD/USD has been pressured through today's Asian session. The pair sits at $0.6105/10, down ~0.7% today. Bears now target low from Jun 28 ($0.6051) and year to date lows ($0.5985).
  • AUD/USD sits at key support of $0.6596, the low from Jun 29. Weaker regional equities weighed on risk sentiment through the session seeing AUD print its lowest level since early June before marginally paring losses.
  • Yen unwound early gains, USD/JPY was ~0.3% lower after the Fitch downgrade was announced before paring losses to sit at ¥143.10/20. Support comes in at ¥140.89 (50-Day EMA), resistance is at yesterday's high ¥143.47.
  • Elsewhere in G-10 EUR and CHF have ticked away from session highs and both now sit little changed from opening levels.
  • Cross asset wise; Hang Seng is down ~2%, e-minis are ~0.5% softer and BBDXY sits up ~0.1% having been down ~0.2% early in the session post the Fitch downgrade news.
  • There is a thin docket today, ADP Employment highlights an otherwise light data calendar.
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