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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NZD
NZD/USD remains on the back foot, generally underperformer the rest of the G10 (ex JPY). The pair last sat close to 0.6340. This is near uptrend channel support, which NZD has been in since October, see the chart below. Note also the 20-day EMA comes in at 0.6311.
- The weaker business confidence prints from earlier is seeing NZ government bond yields lag higher moves seen elsewhere. Front end yields are down slightly.
- The AU-NZ 2yr spread is back to -156bps, while in the swap space we are around -143bps in the 2yr, versus recent wides closer to -160bps.
- This is aiding the AUD/NZD cross, although we haven't seen a definitive move above NY session highs, around 1.0560 (last around 1.0550/55 for the cross).
Fig 1: NZD/USD Sitting Close To Uptrend Channel Support
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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