March 07, 2023 21:13 GMT
Pressured, Hawkish Powell Boosts Greenback
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.