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Lowest Since November, Consumer Confidence On Tap

NZD

NZD/USD prints at $0.6060/65, the pair fell ~0.8% yesterday.

  • Post-RBNZ pressure extended yesterday, NZD/USD printed its lowest level since 10 November at $0.6044. Kiwi firmed off session lows as US Equities rose into the close marginally paring losses.
  • NZD/USD is now down ~3.4% since the RBNZ indicated that their tightening cycle is over on Wednesday and is down over 5% from its early May highs.
  • With a downtrend now in place bears now target the $0.60 handle. To turn the tide bears first look to break $0.6114 yesterday's high.
  • AUD/NZD is consolidating above its 20-Day EMA ($1.0689) and the $1.07 handle. The pair last prints at $1.0730/40.
  • A short time ago the RBNZ confirmed that it is proposing to ease mortgage LVR restrictions from June 1.
  • BBDXY has broken above its 200-Day EMA, the index is up ~2.6% from its May lows. S&P500 rose ~0.8% yesterday and 2 Year US Treasury Yields were 15bps higher.
  • On the wires today we have May ANZ Consumer Confidence Index, there is no estimate, the prior read was 79.3
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