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Muted Start On Monday, Consolidation Continues

NZD

NZD/USD prints at $0.6200/05, little changed from opening levels in a muted start to the week's trading.

  • Kiwi was pressured on Friday, NZD/USD was ~0.8% lower. The USD was on the front foot as pressure on bank stocks weighed on risk sentiment in the European session. Pressure on Deutsche Bank was the trigger on Friday as the cost of insuring its debt as default rose.
  • The pair fell below its 20-Day EMA ($0.6217) before finding support below $0.62, and dealt in a narrow range in the NY session.
  • Technically the pair is consolidating. Bears target 2023 lows at $0.6085, bulls look to sustain a break of the 200-Day EMA at $0.6270 to regain the uptrend.
  • Cross asset wise, DXY was ~0.6% firmer and 10 Year US Treasury Yields fell ~5bps. S&P500 rose ~0.6%.
  • The domestic data calendar is light to start the week. Feb Building Permits and ANZ March Business Survey cross on Thursday. On Friday March ANZ Consumer Confidence is due.
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