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NZD/USD Makes Fresh Lows As Business Confidence Shows Sharp Drop

NZD
  • NZD/USD has made fresh lows after Business Confidence data showed a sharp drop from 34.7 in Feb to 22.9 in Mar. The pair made new YTD lows of 05981, breaking below initial support of 0.5986. We trade just off those levels now at 0.5991
  • The NZ-US 2y swap is 3.5bps lower today at -22.5bps.
  • Key levels to watch: If we break back below initial support of 0.5986 (Mar 25 lows), next target becomes 0.5941 (Nov 17 lows). Initial resistance lies at 0.6031 (Mar 27 highs), further up 0.6050 (Mar 22 high), a break above opens a move to the 0.6067 (20-day EMA).

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