Lowest Since Early June; Card Spending, Inflation Expectations On Tap

NZD/USD prints at $0.6055/60, the pair fell ~0.7% on Tuesday.

• The pair extended losses through yesterday's European session, an Italian windfall tax on banking sector profits weighed on risk sentiment, NZD/USD was down as much as 1.2% printing its lowest level since June 8.
• A recovery off session lows was facilitated by Philadelphia Fed President Harker noting that the Fed doesn't want to overdo it with tightening. The kiwi pared losses into the close.
• NZD/USD remains in a strong downtrend, bears target a break of yesterday's lows ($0.6035) which opens YTD lows at $0.5959. Bulls first look to break yesterday's high ($0.6110) and the 20-Day EMA ($0.6149) to turn the tide.
• AUD/NZD continues to observe narrow ranges, the pair was a touch firmer yesterday however the $1.08 handle remains intact for now.
• Cross asset wise; e-minis were ~0.4% lower and BBDXY was up ~0.4%. 10 Year US Tsy Yields were ~6bps lower and WTI futures rose ~1.2%.
• July Card Spending is on tap today, there is no estimate for the print. Further out Q3 2-Year Inflation Expectations cross, again there is no estimate.