Pares Losses As US Equities Firm

NZD/USD prints at $0.5975/80, the pair was ~0.2% lower on Monday.

• In a data light session on Monday Kiwi was pressured to fresh YTD lows early in the NY session as a bid in USD/JPY spilled over into wider greenback strength.
• NZD/USD pared losses of as much as ~0.8%, the move off session lows came alongside firmer US Equities, the pair found resistance ahead of $0.60 handle and finished dealing marginally lower.
• Technically we remain in a strong downtrend, bears target a break of yesterday's low ($0.5944), which opens $0.5834 a Fibonacci projection. Bulls first look to break the $0.60 handle to target the 20-Day EMA ($0.6096).
• AUD/NZD consolidated recent gains in a narrow range above the 200-Day EMA on Monday.
• In July New Zealand House Sales rose 1.6% Y/Y.
• Cross asset wise; S&P500 was ~0.6% firmer and BBDXY was up ~0.3%. 10 Year US Tsy Yields were up ~4bps.
• The domestic docket is empty today.