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Pressure Continues On Risk Off Flows

NZD

NZD/USD prints at $0.6320/25, ~0.2% below opening levels.

  • The pair remains pressured in risk off trade. Early losses, as USD/JPY was bid on BoJ leadership speculation, were briefly unwound before resistance was seen ahead of the 50-day EMA ($0.6339). However, ranges remain tight with $0.6310/30 range respected in recent trade.
  • AUD/NZD is little changed, the 200-day EMA ($1.0910) has supported the cross in recent trade.
  • Cross asset flows have a risk off tone, e-minis are down ~0.2% and BBDXY is ~0.2% firmer. 10-Year US Treasury Yields are ~3bps firmer.
  • Liquidity remains impaired due to domestic markets being closed as a national holiday is observed.
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