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Pressured After US ISM Services, Q2 Mfg Activity On Tap

NZD

NZD/USD prints at $0.5870/75, the pair fell ~0.2% on Wednesday.

  • The pair was pressured after the latest US ISM Services Index boosted the greenback as the prices paid and employment components advanced from the prior read.
  • NZD/USD fell ~0.6% from peak to trough with support coming in at YTD lows and losses were marginally pared into the close.
  • Technically the pair remains in a downtrend; Bears look to break $0.5859 (yesterday's low) which opens $0.5757 (low from 4 Nov 22) and $0.5728 a Fibonacci projection. Bulls target a break of the 20-Day EMA ($0.5952), which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6162).
  • AUD/NZD continues to consolidate in a narrow range below the $1.09 handle.
  • Cross asset wise; BBDXY was ~0.1% firmer and S&P500 fell ~0.7%. 2-Year US Tsy Yields rose ~6bps.
  • Q2 Manufacturing Activity is on the wires this morning, there is no estimate for the print.
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