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Pressured As US Yields Rise, Equities Fall

NZD

NZD/USD prints at $0.5920/25, the pair fell ~0.9% on Thursday.

  • Firmer US Tsy Yields and weaker US Equities weighed on the Kiwi on Thursday, Fed Chair Powell's speech this evening is in view. The market awaits any signals on the path for US monetary policy.
  • NZD/USD unwound all its post US PMI gains and sits a touch above cycle lows.
  • Technically we remain in a strong downtrend, bears look to break the low from 21 Aug ($0.5897) which opens $0.5841 (low from 10 Nov 22) and $0.5775, a Fibonacci projection. Bulls target the 20-Day EMA ($0.6006), a break through here opens high from Aug 10 ($0.6118).
  • AUD/NZD is consolidating in a narrow range, the cross is see-sawing around the 200-Day EMA with little follow through on moves.
  • Cross assets; 10 Year US Tsy Yields rose ~5bps and S&P500 fell ~1.3%. BBDXY rose 0.4% and sits a touch off cycle highs.
  • The local docket is empty today.
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