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NZD/USD Back Sub 0.6200, Amid Core Yield Surge

NZD

NZD/USD couldn't sustain gains above 0.6220 post the Asia close, pulling back sub 0.6180 in the NY session on Thursday. We track close to this level currently, losing nearly 0.40% for the session, as most of the G10 faltered against the USD (except for NOK and CAD).

  • The BBDXY rose around 0.30% for Thursday's session, as core yields rose amid hawkish central bank outcomes from the BoE and Norges Bank, although GBP didn't receive much net benefit. The US 2yr yield back to 4.79%, highs back to early March. US data was, on balance slightly weaker than expected.
  • A more positive US equity backdrop didn't aid the NZD, although trends in EU markets were mostly negative. Commodity indices also fell, the aggregate Bloomberg index off 1.47%.
  • NZD/USD remains well within ranges for the past week (lows at 0.6134, highs close to 0.6240).
  • On the data front, the ANZ Truckometer for May prints today. There is no consensus, with the prior read at -2.2% m/m.
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