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NZD/USD Edges Lower As US Yields Rise, Tests 0.5900

NZD

The Kiwi traded slightly lower against G10 currencies on Thursday with the exception of the NOK. The USD strengthen a touch as a fed rate cut pricing across 2024 approached a new low, with just 38bps of easing priced across the calendar year, the NZD was down 0.24% vs the USD to 0.5903, while the BBDXY closed a touch higher, up 0.14% at 1,263.51.

  • The NZD/USD reached a intraday high towards the end of the Asian session on Thursday of 0.5933, before USD strengthen a touch on fed rate cut pricing, finishing the session just off lows at 0.5902. The pair remains in a downtrend as it continues to trade well below the 20, 50, 100 & 200-day EMA.
  • Key levels to watch: Initial support is 0.5863 (Nov 11 lows) a break here could signal a move to test the yearly lows at 0.5774 (Oct 26 lows) while Initial resistant is at 0.5950 (Apr 15 highs).
  • The US-NZ 2y is up 6bp to -17bps
  • Option expiries: No major nearby strikes for Apr 18th, notable upcoming strikes are 0.5350 (NZD552m April 22), 0.6100 (NZD331.2m April 23), 0.5700 (NZD300m April 22)
  • Looking ahead: Next data released will be Trade Balance on Tuesday,
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