April 25, 2024 21:46 GMT
NZD/USD Eyeing Break Above 20-Day EMA, Consumer Confidence Out Shortly
NZD
NZD/USD couldn't sustain a break above the 20-day EMA for Thursday's session. The pair tracks near 0.5950 in early Friday trade, up 0.20% for Thursday's session, which was towards the bottom end of G10 performance.
- From mid April lows (0.5852) the trend in NZD has improved, but we have to clear the 20-day EMA first (near 0.5960), while above there sits the 50-day, just under 0.6020.
- Broader USD softness was evident against most of the G10, despite a strong bounce in US yields post the stronger than expected PCE print. Some offset came from weaker headline Q1 GDP figures.
- Equity sentiment was mostly lower in EU/US markets, while commodity indices tracked higher. The AUD/NZD cross drifted higher, the pair last near 1.0960, which remains sub recent highs (1.0984).
- Coming up soon is the April ANZ consumer confidence print. The prior read fell 8.6% to 86.4. Otherwise, focus is likely to rest on spill over from the BoJ decision.
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