Lower, But Stays Within Recent Ranges, Building Permits & Business Confidence On Tap

NZD/USD dropped 0.45% for Wednesday's session, the third worst performer in the G10 space, in what was a generally positive session for the USD. The pair currently tracks just above the 0.6220 level, with dips sub this level supported during the NY session.

• This also coincides with the 20-day EMA level, while lows from the start of the week came in around 0.6180. On the topside, yesterday's high was around 0.6270, while earlier March highs came in around the 0.6300 region.
• Cross asset signals were mixed for Wednesday's session, with generally positive equity tones (SPX +1.42%, EU Stoxx +1.51%), offset to some degree by firmer core yields, the US 2yr holding close to 4.10%.
• The VIX drifted a little lower towards 19%, lows back to early March. NZD/JPY continued to track higher, last near 82.60/65, as JPY was the weakest performer in the G10 space.
• Coming up shortly, the Feb building permits print (-1.5% was the prior, there is no consensus). Later on, the ANZ activity and business confidence numbers prints for March.
• SEEK data on Advertised Salary Index showed near record salary growth, albeit still lagging inflation (see this link for more details).