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Pressured On Tuesday As Risk Sentiment Wanes

NZD

NZD/USD prints at $0.5945/50, the pair fell ~0.3% on Tuesday.

  • Kiwi was pressured yesterday as risk appetite waned as the market digested the higher for longer outlook for US rates.
  • NZD/USD found support at the 20-Day EMA ($0.5938) and marginally pared losses.
  • Bulls focus is on a break of Sep 22 high ($0.5989), which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6130). Bear immediate focus is on the 20-Day EMA, a break through here opens low from Sep 21 ($0.5896) and $0.5859 (6 Sep low).
  • The NZ Labour party released its pre-election fiscal plan noting it plans to return the budget to surplus in 2026/27 and that now is not the time for tax cuts.
  • Cross asset wise; BBDXY printed a fresh YTD high and closed at its highest since December 2022. S&P500 fell ~1.5%. US Tsy Yields were little changed, WTI was ~1% firmer.
  • The local data docket is empty today.
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