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Pares Post Fed Gains, Building Permits & Commodity Prices On Tap

NZD

NZD/USD prints at $0.6225/30, the pair was ~0.3% firmer yesterday.

  • The greenback extended losses yesterday as the Fed statement signalled less certainty on future tightening of policy with the language affirming a meeting by meeting approach to future rate hikes.
  • NZD/USD initially firmed above its 200-Day EMA ($0.6249) before paring gains as US Equities fell as high borrowing costs and inflation weighed on sentiment.
  • Bulls look to sustain a break of the 200-Day EMA to target the high from Apr 5 at $0.6379. Bears first look to break the 20-Day EMA ($0.6197).
  • Earlier this morning RBNZ's Hawkesby told a parliamentary panel that the underlying economy has strength and that there are no market concerns about NZ government debt.
  • Cross asset wise; DXY finished down ~0.7% and S&P was also 0.7% lower. 2 Year US Treasury Yields fell ~16bps.
  • On the wires today we have March Building Permits and Apr ANZ Commodity prices, there is no estimate for either print.
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