Pressured, Recovers Off Session Lows On Feds Bostic Comments

NZD/USD prints at $0.6220/25, down ~0.6% in yesterday's trading.

• Early pressure continued on the NZD yesterday through the European session as rising US Treasury Yields weighed, an unexpected drop in US jobless data and upward revision to Q4 Labour costs aided a bid in the USD.
• NZD found support ahead of $0.62, a recovery off session lows was facilitated by comments from Atlanta Fed President Bostic who noted the Fed could pause rate hikes in mid to late summer. NZD/USD pared some of its earlier losses to deal at current levels.
• Bears target low from Feb 27 ($0.6131). Bulls now target the 20-Day EMA at $0.6266.
• AUD/NZD remains in a narrow range, holding a touch above the $1.08 handle.
• ANZ Consumer Confidence fell in February. The Index printed 79.8, down -4.3%, as continued RBNZ tightening and the impact of Cyclone Gabrielle are felt.
• Cross asset wise flows were mixed; S&P500 rose ~0.8% and DXY rose ~0.4%. 10 Year US Treasury Yields are ~7bps firmer.
• The domestic data calendar is empty for the remainder of the session.