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Trims Losses Into Close, ANZ Business Survey On Tap

NZD

NZD/USD prints at $0.5925/30, the pair fell ~0.4% on Wednesday.

  • Kiwi trimmed losses into the close as positive headlines that Senate Republican Leader McConnell would work to keep the US Govt open saw risk sentiment improve late in the session.
  • Earlier, rising Tsy Yields saw NZD/USD pressured to its lowest level in one week, the pair breached the 20-Day EMA ($0.5935) before finding support ahead of the $0.59 handle.
  • Bear immediate focus is on holding below the 20-Day EMA, this opens low from Sep 21 ($0.5896) and $0.5859 (6 Sep low). Bulls focus is on a break of Sep 22 high ($0.5989), which opens the high from 10 Aug ($0.6118) and the 200-Day EMA ($0.6128).
  • AUD/NZD sits at it's lowest level since May, having breached mid-July lows yesterday. Rate differentials, observed via 2-Year Swaps, have ticked wider.
  • Cross asset wise; 10 Year US Tsy Yields rose ~7bps and BBDXY was up ~0.4%. WTI firmed ~3.5%.
  • On tap this morning we have the September ANZ Business Survey, there is no estimate for the release.
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