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NZD/USD Rebounds Back Above 0.6200, May Trade Data On Tap
NZD/USD rose 0.55% for Wednesday's session, as broader USD sentiment faltered post the Asia close. Dips sub 0.6160 were supported and late in NY we got close to 0.6220, before settling back towards 0.6200/05 by the close. Recent moves above the 200-day EMA (0.6233) have not been sustained, while the 20-day EMA (0.6161) may act as support on any pull backs.
- The BBDXY recorded its first fall after 3 straight session gains, down 0.29%. Fed Chair Powell stated that nearly all FOMC members see further rate hikes to tame inflation in testimony. Other Fed comments were mixed though from Bostic and Goolsbee.
- US yields ended mixed, the 2yr edging back above 4.70%, but slightly lower at the back end. The Bloomberg aggregate commodity index was 1.10% higher. Equities were weaker though in US/EU markets.
- On the data front, NZ house sales rose 7.5% in May in y/y terms, according to CoreLogic. This was the first rise in 2yrs and CoreLogic stated that sales volumes may have bottomed out.
- Today we have May trade data. There are no consensus estimates, but the Apr outcome showed an improvement in the underlying trade position to a surplus.
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Why MNI
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