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Retreats From Session Highs As US Equities Fall, Local Docket Empty Today

NZD

NZD/USD prints at $0.5920/25, the pair fell ~0.3% yesterday.

  • Kiwi retreated from session highs as a fall in US Equities weighed on risk sentiment, Wednesday's FOMC minutes and continued strong US data are doing little to change the narrative that further fed tightening may be on the table.
  • NZD/USD fell ~0.8% from peak to trough, marginally paring gains into the close.
  • Technically we remain in a downtrend, the pair printed fresh YTD lows yesterday. Bulls target a break of the $0.59 handle which opens low from Nov 10 2022 ($0.5841) and $0.5783 a Fibonacci projection. To turn the tide bulls look to break the $0.60 handle which opens the 20-Day EMA ($0.6050).
  • Fonterra cut its FY24 milk price forecast for the second time this month, to $6-7.50/kgMS from $6.25-7.75/kgMS. More here.
  • Cross asset wise; S&P500 fell ~0.8% and BBDXY fell ~0.1%. The US Tsy curve steepened. WTI was ~1.3% firmer
  • The local docket is empty today.

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