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Trims Post-CPI Gains As US Treasury Yields Tick Higher

NZD

NZD/USD prints at $0.6145/50, the pair rose ~0.4% on Tuesday.

  • The pair printed its highest level since May's RBNZ meeting as US CPI ticked lower, the headline read printed its lowest level since March 2021, and further details surfaced of Chinese stimulus proposals. NZD/USD firmed as much as 0.9%.
  • NZD/USD trimmed gains through the NY session as US Treasury Yields ticked higher as today's FOMC meeting comes into view, rate cut expectations for 2023 were wound back.
  • Bulls look to target a break of the $0.62 handle which opens the 200-Day EMA ($0.6233). On the downside bears immediate focus is on the 20-Day EMA ($0.6126).
  • AUD/NZD fell ~0.2% yesterday, however the cross remains above the $1.10 handle for now.
  • Cross asset wise; 10 Year US Treasury Yields rose 8bps and S&P500 rose 0.7%. BBDXY fell 0.3%.
  • On the wires today we have Q1 Balance of Payments, a deficit of $6.85bn is expected. May Food Prices also cross, there is no estimate for the print.
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