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Muted Start, Employment Data Headlines Week

NZD

NZD/USD prints at $0.6175/80, the pair is little changed from Friday's closing levels in a muted start to Monday's trading.

  • On Friday the pair rose ~0.6%, an extension of strength in US Equities as strong corporate earnings boosted sentiment and saw the greenback pressured.
  • NZD/USD closed at its highest level of the week, resistance was seen ahead of the 20-Day EMA ($0.6189).
  • Despite Friday's rally we do remain in a downtrend, bears first target a break of 2022 lows at $0.6085. Bulls immediate attention is on the 20-Day EMA, a break through here opens $0.6250 (200-Day EMA).
  • Cross asset wise; S&P500 rose 0.6% and BBDXY was little changed. 10 Year Treasury Yields declined 10bps.
  • The highlight of the week data wise is Q1 Employment data, the market expects an uptick in the unemployment rate to 3.5% from 3.4%.
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