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Pressured, Trans-Tasman Flows In Focus

NZD

NZD/USD prints at $0.6190/95, ~0.5% softer in yesterday's trading.

  • Pressure on the NZD, after China's revised growth target of 5%, continued through yesterday's European session. The pair dealt through $0.62 handle which had provided support in recent sessions.
  • Support was seen below $0.6180 and NZD/USD marginally pared losses to deal at current levels.
  • Bears target 2023 lows at $0.6131, a break through here opens $0.60. Bulls look to first target the 20-Day EMA at $0.6255.
  • AUD/NZD prints at $1.0865/75, the pair was marginally softer in yesterday's trade.
  • Cross asset wise; 10 Year US Treasury Yields are ~2bps firmer and S&P500 was a touch firmer yesterday. DXY was ~0.2% softer.
  • Trans-Tasman flows are in focus, with the RBA expected to raise the cash rate 25bps at today's meeting. The focus is likely to be on the tone of the statement and indications of how the RBA's economic forecasts may have evolved. AUD/NZD flows may come to the fore.
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