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Meets Resistance Above $0.64, Hawkish Fedspeak Caps Gains

NZD

NZD/USD prints at $0.6370, ~0.4% firmer in yesterday's trading.

  • The pair continued to hold onto the majority of its early gains through the European, meeting resistance above $0.64, which is emerging as a key resistance level, before trading in a tight $0.6380/6400 range.
  • NZD/USD pared some of its gains in the NY session as early strength in US Equities was unwound as hawkish Fedspeak from Daly and Bostic weighed on risk sentiment boosting the greenback.
  • The S&P500 finished trading little changed, and DXY was down ~0.7%. 10 Year US Treasury Yields fell 3bps.
  • Having re-established the bullish trend, bulls now look to firstly sustain a break of $0.64 to open the Dec 13 high at $0.6514. Bears first look to break 20-day EMA at $0.6308 to turn the tide.
  • CoreLogic NZ Residential Construction Costs rose 1.7% in Q4 2022, slowing from 3.4% in Q3. The YoY gain was 10.4%, the largest gain since the gauge began in 2013.
  • The domestic data calendar is empty today.
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