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Pressured As US Tsy Yields Tick Higher, Mfg PMI On Tap


NZD/USD prints at $0.5930/35, the pair fell ~1.6% on Thursday.

  • Firmer US Tsy Yields, after a slightly stronger than forecast US CPI print, saw the greenback move higher through yesterday's NY session.
  • NZD/USD had its weakest day since February, breaching support at the $0.60 handle and the 20-Day EMA ($0.5961).
  • Bears now look to target the YTD low at $0.5859 and $0.5728 a Fibonacci projection. Bulls immediate focus is on the 20-Day EMA, a break through here opens the $0.60 handle and high from Oct 11 at $0.6056.
  • Cross asset wise; 10-Year US Tsy Yields rose ~14bps and BBDXY was ~0.7% higher. The S&P500 fell ~0.7%.
  • On tap at the bottom of the hour we have September BusinessNZ Mfg PMI, there is no estimate and the prior read was 46.1. Following shortly after is September Card Spending.

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