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Pressured As US Equities Fall, Mfg PMI On Tap

NZD

NZD/USD prints at $0.6100/05, ~0.1% softer in yesterday's trading.

  • The pair was pressured through the NY session falling ~0.9% from peak to trough. US Equities slid, as Silvergate Capital collapsed amid growing scrutiny from regulators pressuring bank stocks, weighing on broader risk appetite.
  • Earlier in yesterday's trading the pair had firmed through the European session as US Treasury Yields ticked lower, before resistance was seen at $0.6150.
  • Bears look to target the low from 11 Nov at $0.5985, a break through here opens 2022 lows at $0.5512. Bulls first look to break $0.62 to turn the tide.
  • Cross asset flows were mixed; US Treasury Yields fell; 10 Year Yield was down 7bps, and the DXY fell 0.4%. S&P500 was 1.8% lower.
  • At the bottom of the hour Feb BusinessNZ Mfg PMI will cross, there is no estimate and the prior read was 50.8. Shortly after Q4 Mfg Activity is due.
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