NZD/USD Can't Breach 20-day EMA Resistance, Onshore Markets Closed Today

NZD/USD drifted lower post the Asia close on Wednesday. We got back to 0.5920 (against earlier highs of 0.5950/55) and track near 0.5935 in early Thursday dealings. We were up slightly for Wednesday's session, while broader USD sentiment recovering some ground (BBDXY +0.12%).

• Only NZD, AUD and GBP managed modest gains against the USD. US yields were higher, as the curve steepened. US 10yr yields back to 4.64%, +4bps firmer.
• The moves largely appeared driven by spill over from Europe and from Australia (post yesterday's firmer CPI), with US data largely in line with expectations.
• Equity sentiment was mostly negative in Europe, although US markets finished close to flat. Disappointment around the Meta outlook weighed on the tech space late in the session, which may influence broader Asia Pac sentiment today.
• For NZD/USD, the 20-day EMA remains intact on the topside, near 0.5955/60, while the 50-day is near 0.6020. The April 19 low at 0.5852 is the YTD low.
• NZ markets are closed today due to the ANZAC day holiday (along with Australian markets). Tomorrow in NZ we get April NZ consumer confidence numbers.