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NZD/USD Edges Lower, Erases Gains Made During US Session

NZD
  • NZD/USD has edged lower throughout the first half of the session on Wednesday hitting a low of 0.5953, we trade just above those levels now at 0.5961and down 0.20% for the session, while the BBDXY is unchanged. The move lower looks to be equity related as markets opened lower following higher US yields.
  • Key levels to watch: Initial support at 0.5940 (Apr 1 / Nov 17 lows), below here 0.5900. Initial resistance lies at 0.6000, a break and hold above here 0.6032 (20-day EMA).
  • The US-NZ 2y swap is continues to edge higher now at Oct 2020 levels at -15.86bps
  • Upcoming expiries: US$349.9m calls/puts expire with a strike of 0.5900 for the Apr 3rd NY cut.
  • Looking ahead, CoreLogic House Prices due out later tonight.
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