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Pressured On Thursday; Mfg PMI, Inflation Expectations On Tap

NZD

NZD/USD prints at $0.6295/0.6300 the pair fell ~1.1% yesterday.

  • BBDXY had its strongest day since mid March as concerns over a slowing US economy, the US debt ceiling impasse and further concerns over the solvency of regional banks weighed on risk assets.
  • NZD/USD was pressured through the session, support came in below $0.63 and losses were marginally pared.
  • Despite Thursday's fall the pair remains in an uptrend, the 20-Day EMA has crossed the 200-Day EMA signalling more potential bullish price action. Bulls target $0.6385, yesterday's high, which opens year to date highs at $0.6538. Bears focus on the 200-Day EMA ($0.6256).
  • Cross asset wise; BBDXY rose 0.5%, its largest gain since March 15. WTI fell ~1.5% and S&P500 fell 0.2%. 10 Year US Treasury Yields fell ~5bps.
  • On the wires today we have Apr BusinessNZ Manufacturing PMI (prior 48.1) and Q1 2 Year Inflation Expectations (prior 3.30%). There is no estimate for either print.
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