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Trims Recent Losses As US Yields Fall

NZD

NZD/USD prints at $0.5820/25, the pair rose ~0.4% on Thursday.

  • Kiwi trimmed some of its recent losses on Thursday after printing a fresh YTD low early in the Asian session as technical flows added a level of support.
  • The USD weakened and US Tsy Yields fell after the latest round of US data. NZD/USD firmed ~1% from trough to peak recovering above the $0.58 handle.
  • Bears now look to break the low from 26 Octo ($0.5774) to target $0.5741 (low from 3 Nov 22) and $0.5657 a Fibonacci projection. To turn the tide bulls target a break of the 20-Day EMA ($0.5883), which opens the $0.60 handle and the 200-Day EMA ($0.6090).
  • Cross asset wise; 10 Year US Tsy Yields fell 11bps and BBDXY was a touch firmer. S&P500 fell 1.3%, and is now down almost 10% from its July peak. WTI fell ~2.5%.
  • In October Consumer Confidence rose 2% M/M to 88.1, this is the highest level in the Index since early 2022.
  • The local docket is empty for the remainder of todays session.
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