Pressured On Friday, PSI On Tap

NZD/USD prints at $0.6190/95, the pair is little changed from Friday's closing levels in a muted start to the week's trading.

• On Friday the pair pressured, falling below its 20- and 200-Day EMA and closing below the $0.62 handle falling ~1.7%.
• The latest round of USD data saw the greenback firm, UofMich sentiment survey showed consumers expect prices to rise at 3.2% Y/Y over the next 5-10 years which is a 12 year high. The US debt ceiling impasse also weighed on sentiment.
• Bears look to target low from May 1 at $0.6161, a break through here open year to date lows ($0.6085). Bulls first look to break the 20-Day EMA ($0.6241).
• AUD/NZD has firmed ~1.3% since testing $1.06 last week, we sit a touch above the 20-Day EMA ($1.02727).
• The NZ Government announced a $1bn package for flood and cyclone recovery which focuses on rebuilding infrastructure while preparing for future events with investments in flood protection measures.
• On Friday the S&P500 fell 0.2% and BBDXY rose 0.5%. 10 Year US Treasury Yields rose 7bps.
• On the wires today we have Apr Performance Services Index, there is no estimate, the prior read was 54.4.