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Marginally Firmer, Pares Early Losses

NZD

NZD/USD prints at $0.6235/40, the pair is ~0.1% firmer from yesterday's closing levels.

  • Pressure in early dealing as concerns over regional US banks saw the NZD/USD fall ~0.4% with support coming in ahead of $0.62.
  • A recovery in e-minis, Oil and US Treasury futures ticking away from session highs saw the NZD/USD firm ~0.5% from session lows. We now sit a touch below the 200-Day EMA which comes in at $0.6242.
  • March Building Permits rose 7.0% M/M, and April ANZ Commodity Prices fell 1.7%.
  • Cross asset wise; WTI futures are ~0.5% firmer after being down 7% in early dealing. E-minis are flat erasing an early 0.5% loss. BBDXY is down ~0.3%.
  • Looking ahead the domestic data calendar is empty for the remainder of the week. Wider swings in risk sentiment will be the dominant driver in the NZD.
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