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Pressured As US Treasury Yields Rise, Mfg Activity On Tap

NZD

NZD/USD prints at $0.6040/45, the pair fell ~0.7% on Wednesday.

  • US Treasury Yields rose as expectations for a further Fed rate hike in July weighed on bonds which boosted the greenback and weighed on risk sentiment.
  • NZD/USD had met resistance ahead of $0.61, falling ~1.1% from peak to trough, before finding support ahead of $0.6030 and marginally paring losses.
  • Bears look to target the low from May 31 at $0.5985, a break through here opens $0.5854 a Fibonacci projection. Bulls first look to break the 20-Day EMA ($0.6115) to turn the tide.
  • AUD/NZD printed its highest level since late February and is holding above the $1.10 handle in early trade.
  • Across assets; 10 Year US treasury Yields were ~13bps higher and S&P500 fell 0.4%. BBDXY was ~0.1% higher.
  • On the wires today we have Q1 Manufacturing Activity, there is no estimate and the prior read was -0.4% Q/Q.
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