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NZD/USD Hits Fresh Multi Week Lows Before Stabilizing

NZD

NZD/USD got too fresh multi week lows in Wednesday NY trade (0.6219) but we sit slightly higher now, last near 0.6245. This leaves the pair down a little over 0.10% for Wednesday's session slightly outperforming some other parts of the G10 space. The BBDXY rose a little over 0.20%.

  • Broader USD gains were trimmed somewhat (highs for the BBDXY came in at 1226.67) late in NY trade, but positive dollar sentiment persisted for the most part of Wednesday's session.
  • Further equity losses weighed on risk appetite, the SPX falling 0.80%, while EU shares were also weaker. NZD/JPY still rose though, as yen underperformed in the G10 space. The pair pushed to 89.60, but now sits back at 89.40/45.
  • US yields mostly finished lower, more so at the back end, post the FOMC minutes. The 10yr back to 3.90%, after tracking above 4.00% at one stage. The minutes were balanced but with a dovish tone as officials note diminished inflation and need to start discussion of QT wind down sees projected rate cuts for early 2024 slightly better than recent highs.
  • For NZD/USD, this helped take us off lows. Locally the data calendar is empty today. The pair sits very close to the 20-day EMA (0.6245).
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