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NZD/USD Can't Sustain 50-Day EMA Break, As US Yields Rebound

NZD

NZD/USD is a touch weaker in early trading this morning, amid a positive USD backdrop. The pair is just under 0.5800, versus closing near 0.5810 last week. We lost -0.34% through Friday's session. Recent lows rest near 0.5780, while the 20-day EMA comes in at 0.5743. On the topside, sits the 0.5850 level, (the 50-day EMA), where we had a number of false breaks through this resistance level late last week.

  • On the data calendar, we have building permits for September coming up. There is no consensus, but the last m/m was -1.6%. There will be greater focus on Wednesday's Q3 employment report.
  • Cross signals were mixed through Friday's session. Equities were positive, with the VIX continuing to trend lower (closing at 25.75%). NZD/JPY is higher, last near 85.70.
  • The rebound in US yields helped broader USD sentiment though, 2yr back to 4.41% (+14bps). US data was mixed, but focus is likely on this week's FOMC meeting. NZ-US 2yr spreads are off recent highs close to +50bps.
  • The AUD/NZD cross again found some support closer to 1.1000 through Friday’s session, which is near the 200-day MA, the pair last at 1.1035/40.
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