Pressured On Thursday, Q4 GDP On Tap

NZD/USD prints at $0.6185/90, the pair was down ~0.8% yesterday.

• The pair was pressured as concerns over the Swiss bank Credit Suisse, and the ongoing slide in US regional bank stocks, dampened risk appetite.
• NZD/USD found support below $0.6180 as the Swiss central bank and financial regulator said Credit Suisse will receive a liquidity backstop if needed. US Equities pared losses and the USD came under marginal pressure in the NY session.
• Technically the pair is still consolidating, bears look to break 2023 lows at $0.6085. Bulls first look to break the 200-Day EMA at $0.6275.
• Ahead of this morning's Q4 GDP print positioning, via 1-week risk-reversals, looks skewed to the downside however the skew is within recent ranges.
• Cross asset flows were mixed; S&P500 was down 0.7% and 10-Year US Treasury Yields were 23bps lower. DXY was 1.1% higher.
• The aforementioned Q4 GDP headlines today, with the first contraction since Q1 2022 expected in the Bloomberg survey at -0.2% q/q, 3.3% y/y.