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Narrow Ranges On Wednesday


NZD/USD prints at $0.6165/70, the pair is little changed from Tuesday's closing levels.

  • Kiwi has observed narrow ranges thus far on Wednesday, a narrow 15 pip range has persisted thus far.
  • The pair sits a touch above the 20-Day EMA ($0.6157) which is emerging as key support.
  • Rate differentials, observed via two year swaps, sit at +65bps widening a touch today.
  • AUD/NZD remains above the $1.10 handle dealing in a narrow range.
  • Cross asset wise; US Treasury Yields are ~2bps higher across the curve. BBDXY is ~0.1% firmer.
  • On the wires tomorrow we have May Trade Balance, there is no estimate the prior read was a surplus of $427mn.

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