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NZD Lower Against Most G10 Currencies, Business Confidence Falls

NZD
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The Kiwi is lower against all but the AUD today. New Zealand's ANZ Business Confidence dropped to 14.9 in Apr from 22.9 in March, while Business Activity also fell to 14.3 from 22.5.

  • NZD/USD is down 0.48% at 0.5949 and has now broken back below the 20-day EMA. the USD has strengthened as the JPY has began to slip again, while the NZD also followed the AUD down after poor retail sales numbers were released. Initial resistance holds at is 0.5959 (20-day EMA), above here the 0.5985 (Apr 29 high) while to the downside initial support is 0.5930 (Apr 26 lows)
  • AUD/NZD is down 0.03% at 1.0983, the pair have traded in a 20-pip range and are the two worst performing G10 currencies, after yesterday making new highs of 1.1013. The AU-NZ 2y swap is unchanged at -72.5bps, while the 14-day RSI is off recent highs but still trading near overbought territory at 68. A break back above 1.1000, is needed to test the yearly highs at 1.1056 (Jun 19th), while to the downside a break below 1.0940 (Apr 26 lows) is needed to test 1.0923 (20-day EMA).
  • NZD/JPY is down 0.20% at 93.26. Moves from what looked like MoF intervention on Monday have largely held. Any further weakness in the jpy will be closely watch to see for any further potential intervention by the MoF. Initial support is 92.20 (Apr 29 Lows), a break here would test the 20-day EMA at 92.00, while to the upside a break back above 94.00 would be needed to retest recent cycle highs at 94.40.
  • Looking ahead, NZ Employment Data & Jibun Bank Japan PMI Mfg on Wednesday are the focus in the region
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The Kiwi is lower against all but the AUD today. New Zealand's ANZ Business Confidence dropped to 14.9 in Apr from 22.9 in March, while Business Activity also fell to 14.3 from 22.5.

  • NZD/USD is down 0.48% at 0.5949 and has now broken back below the 20-day EMA. the USD has strengthened as the JPY has began to slip again, while the NZD also followed the AUD down after poor retail sales numbers were released. Initial resistance holds at is 0.5959 (20-day EMA), above here the 0.5985 (Apr 29 high) while to the downside initial support is 0.5930 (Apr 26 lows)
  • AUD/NZD is down 0.03% at 1.0983, the pair have traded in a 20-pip range and are the two worst performing G10 currencies, after yesterday making new highs of 1.1013. The AU-NZ 2y swap is unchanged at -72.5bps, while the 14-day RSI is off recent highs but still trading near overbought territory at 68. A break back above 1.1000, is needed to test the yearly highs at 1.1056 (Jun 19th), while to the downside a break below 1.0940 (Apr 26 lows) is needed to test 1.0923 (20-day EMA).
  • NZD/JPY is down 0.20% at 93.26. Moves from what looked like MoF intervention on Monday have largely held. Any further weakness in the jpy will be closely watch to see for any further potential intervention by the MoF. Initial support is 92.20 (Apr 29 Lows), a break here would test the 20-day EMA at 92.00, while to the upside a break back above 94.00 would be needed to retest recent cycle highs at 94.40.
  • Looking ahead, NZ Employment Data & Jibun Bank Japan PMI Mfg on Wednesday are the focus in the region