Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.