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Risk Rally In NY Session Weighs On USD, Q4 Labour Market Report On Tap

NZD

NZD/USD prints at $0.6464, little changed in yesterday's trading.


  • The pair was pressured in the European session as softer-than-expected French data saw a bid in the USD. Support came in at the 20-day EMA.
  • Q4 US Employment Cost Index showed moderating AHE wage growth, unwinding the bid in the USD. With a rally in US Equities supporting risk assets NZD/USD rose ~1% from trough to peak, meeting resistance above $0.6480 before paring gains to deal at current levels.
  • Cross asset flows showed a risk on tone. S&P500 rose ~1.5%, DXY was down ~0.3% and US 10 Year Treasury Yields were 2bps softer.
  • Bears tested the 20-Day EMA at $0.6426 yesterday but will need to sustain a break to regain the upper hand. Bulls first look to break $0.6530, the high from 18 Jan and bull trigger.
  • On the wires today we have the Q4 Labour Market Report, the Bloomberg survey median looks for a headline unemployment rate at 3.3%. Private Wages ex Overtime QoQ are expected to grow at 1.2%.
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