NZD Outperforms Amid USD Rebound

NZD/USD prints $0.5827, little changed from levels seen in late NY trading. The pair finished down ~0.1%, only CAD and JPY were better performers in the G-10 space.

• The ECB hiked 75 bps overnight, in line with expectations, and signalled more tightening ahead however ECB officials weren't unanimous about the size of further tightening and avoided giving a specific signal on their next move in December. EUR/USD fell ~1.1%, and DXY rose 0.8%.
• NZD/USD printed a low at $0.5789 however recovered its losses as US Treasuries gained even after US Q3 GDP printed better than expected, although the detail showed slowing domestic demand. Economists still expect a 75 bps hike from the Fed at next week's meeting, but debate continues as to whether we see a slower pace going forward.
• US Equities fell overnight, while disappointment from earnings results from Amazon and Apple may weigh on futures in Asia Pac today.
• NZ October Consumer Confidence was unchanged from September levels, consumer inflation expectations eased down to 5% from 5.1%.
• NZD/USD closed above $0.58 again, bulls can target 50-day EMA at $0.5855. Bears will be looking to $0.5731, the 20-day EMA to continue the technical downtrend which still persists.