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Supported Below $0.62 After Pressure Through European Session

NZD

NZD/USD prints at $0.6215/20, the pair was ~0.5% softer yesterday.

  • The greenback was on the front foot through the European session as odds of another 25bp rate hike by the Federal Reserve increased to 80% and a rally in USD/JPY spilled over into wider USD strength. NZD/USD was pressured printing its lowest level since March 28.
  • Support was seen below $0.62, a recovery off session lows in US Equities boosted risk sentiment and the NZD/USD firmed into the close.
  • Bears look to target 2023 lows at $0.6085. Bulls first look to break the 200-Day EMA ($0.6264) to turn the tide.
  • Cross asset flows were mixed; DXY was up ~0.5% and S&P500 finished a touch firmer. 10 Year US Treasury Yields were ~2bps firmer.
  • The domestic data calendar is empty today.
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