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NZD/USD Heads Lower On Higher US Yields, Budget Later Today

NZD
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The Kiwi finished Wednesday's session down 0.42% at 0.6115, while the BBDXY finished a up 0.48% at 1,255.09. The NZD was a top performer on Thursday, only bettered by CHF & JPY, the continued move higher in US yields and weakness in equity markets were the drivers for the strength in the USD. Today, we have the Building Permits and the NZ budget due out.

  • NZD/USD has spent the past two week rangebound, largely trading between 0.6100 & 0.6150. The pair fell about 30-pips on Wednesday and closing the session near session lows, we have opened unchanged at 0.6114. The 14-day RSI has ticked lower and now sits at 59.5, while the MACD is showing decreasing green bars.
  • Key levels to watch: Initial resistance of 0.6170 (May 28th highs) above here we target the 0.6200/20 (round number/ March 8 high), while initial support holds at 0.6100 (round number support), a break here would open a move to 0.6080 area (May 22nd lows/ 20-day EMA).
  • The US-NZ 2y is unchanged at -24.5bps
  • Option expiries: 0.5865 ($390m), 0.6025 ($150m), 0.6195 ($150.12m) May 30th NY cut, while notable upcoming strikes are, 0.6100 ($275.41m) May 31
  • Looking ahead: Building Permits & NZ Budget
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The Kiwi finished Wednesday's session down 0.42% at 0.6115, while the BBDXY finished a up 0.48% at 1,255.09. The NZD was a top performer on Thursday, only bettered by CHF & JPY, the continued move higher in US yields and weakness in equity markets were the drivers for the strength in the USD. Today, we have the Building Permits and the NZ budget due out.

  • NZD/USD has spent the past two week rangebound, largely trading between 0.6100 & 0.6150. The pair fell about 30-pips on Wednesday and closing the session near session lows, we have opened unchanged at 0.6114. The 14-day RSI has ticked lower and now sits at 59.5, while the MACD is showing decreasing green bars.
  • Key levels to watch: Initial resistance of 0.6170 (May 28th highs) above here we target the 0.6200/20 (round number/ March 8 high), while initial support holds at 0.6100 (round number support), a break here would open a move to 0.6080 area (May 22nd lows/ 20-day EMA).
  • The US-NZ 2y is unchanged at -24.5bps
  • Option expiries: 0.5865 ($390m), 0.6025 ($150m), 0.6195 ($150.12m) May 30th NY cut, while notable upcoming strikes are, 0.6100 ($275.41m) May 31
  • Looking ahead: Building Permits & NZ Budget