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Pressured As USD Firms On Jobs Data

NZD

NZD/USD prints at $0.6224, down ~1.1% in yesterday's trading.

  • The pair was pressured yesterday as stronger than forecast ADP employment change and hawkish Fedspeak from Atlanta Fed President Bostic boosted the greenback, breaking below its 200-day EMA at $0.6257 before finding support at the 50-day EMA.
  • Risk sentiment was briefly boosted as St Louis Fed President Bullard noted rates are getting closer to a sufficiently restrictive level, however the NZD/USD met resistance at $0.6250 and pared gains to deal at current levels.
  • US Equities fell, S&P500 was down ~1.2% and the DXY rose ~0.9%.
  • Bears first look to target $0.6165, the 100-day EMA, opening up bear channel resistance at $0.6130. Bulls look to break the 200-day EMA at $0.6257 to turn the tide.
  • A thin local and regional data calendar today leaves wider risk sentiment as the main driver for NZD.
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