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Pressured, Hawkish Powell Boosts Greenback

NZD

NZD/USD prints at $0.6110/15, down ~1.3% in yesterday's trading.

  • Fed Chair Powell noted in Senate testimony that he envisages a higher terminal rate and also suggested that the Fed could re-accelerate hike to 50bps placing pressuring US Treasuries and boosting the USD.
  • NZD/USD has been pressured, printing its lowest level since mid-November. Support was seen in late NY trade ahead of $0.61.
  • Bears look to target low from 11 Nov at $0.5985. Bulls look to break $0.62 to turn the tide.
  • AUD/NZD prints at $1.0780/90, the pair fell ~0.7% yesterday. The next downside target is 2023 low at $1.0708.
  • At the last auction Whole Milk Powder average price rose to $3,277/tonne up from $3,264 at the previous auction.
  • 2 Year US Treasury Yields rose 12bps and DXY was ~1.2% firmer. S&P500 fell 1.5%.
  • The domestic data calendar is empty today.

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