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Pressured As Risk Sentiment Wanes, Trade Balance On Tap

NZD

NZD/USD prints at $0.6135/40, the pair fell ~0.5 on Tuesday.

  • Risk off flows boosted the greenback yesterday, disappointing deposit levels and a failure to provide earnings guidance saw First Republic Bank and regional banks fall. US Consumer Confidence printed its lowest level since July 2022.
  • NZD/USD was pressured through the session, with support coming in ahead of April lows at $0.6127.
  • Bears target year to date lows at $0.6085. Bulls look to first break the 20-Day EMA ($0.6198) to turn the tide.
  • AUD/NZD fell ~0.6% as lower commodity prices weighed on the pair. We now sit on the 20-Day EMA ($1.0797).
  • Cross asset wise; DXY rose ~0.5% and 10-Year US Treasury Yields fell 9bps. S&P500 was down ~1.6% and WTI was ~2% lower.
  • On the wires today we have March Trade Balance. There is no estimate for the print. The prior read was a deficit of $714mn.
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