Pressured On Tuesday, Local Docket Empty Today

NZD/USD prints at $0.5895/0.5900, the pair fell ~0.5% on Tuesday.

• Firmer US Tsy Yields saw the Greenback firm through the European session, Kiwi extended post-CPI losses to ~1% before support was seen ahead of YTD lows ($0.5859).
• A recovery from session lows was seen alongside a bid in US Equities, as a soft landing thesis for the US Economy saw sentiment improve. NZD/USD then see-sawed around the $0.59 handle for the remainder of the session.
• Bears look to break the YTD low at $0.5859, this opens the $0.58 handle and $0.5730 a Fibonacci projection. Bulls focus on the 20-Day EMA ($0.5943) and the high from 2 Oct ($0.6010).
• AUD/NZD had its strongest day since June rising ~0.9% to sit a touch under the $1.08 handle, the 200-Day EMA comes in at $1.0822.
• There were solid two-way hedging flows in NZD options yesterday, more here.
• At the latest GDT Auction the WHole Milk Power Price rose 4.2% to $3,202/MT. Fonterra's GDT Price Index was 4.3% higher.
• The local docket is empty on Wednesday.