January 19, 2023 21:16 GMT
Pressured, Manf. PMI on Tap
NZD/USD prints at $0.6395, down ~0.7% in yesterday's session, NZD was the weakest performer in G-10 space at the margins.
- Pressure, after the unexpected resignation of PM Ardern, continued through Europe yesterday with a peak to trough fall of ~1.3% before support came in ahead of the 20-day EMA.
- The pair firmed off lows to re-test $0.64 before dealing in a narrow $0.6380/6400 range in the NY session with a recovery in US Equities and a rally in EUR/USD both aiding a small bid to finish dealing just off the top of the observed range.
- Cross asset flows were mixed, DXY was down ~0.3% and S&P500 was down ~0.6%. 10 Year US Treasury Yields were ~2bps firmer.
- Bears look to break the 20-day EMA at $0.6357 to turn the bullish trend. Bulls first look to break high from 18 Jan at $0.6530 to re-establish their momentum.
- Dec BusinessNZ Manufacturing PMI is on the wires shortly, the prior reading was 47.4.