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Underperforming, Fedspeak Boosts USD

NZD

NZD/USD prints $0.6164 falling ~1.3% in yesterday's trading, only the AUD was a weaker performer in G-10 space.

  • The pair rallied off its Asian lows as a significant move lower in USD/JPY in the European session, which printed a fresh 3 month low, spilled over into a wider USD sell off before meeting resistance at its 200-day EMA.
  • The pair extended losses as weak risk sentiment and hawkish Fedspeak weighed, printing a low at $0.6156 before recovering to deal at current levels in late NY dealing.
  • St Louis Feds Bullard said markets may be underestimating the chances of higher rate whilst his NY counterpart Williams noted policymakers have more work to do to curb inflation. Fed Vice Chair Brainard said supply shocks are keeping inflation risk elevated. The S&P500 extended losses falling 1.5%, DXY was up 0.7%.
  • Having broken the 200-day EMA bears need to breach the 20-day EMA at $0.6074 to re-establish the downtrend. Bulls look to target the 200-day EMA at $0.6236, a break through there would open the way to the high from 12 Aug at $0.6468.
  • The domestic data calendar is empty today, which will leave broader themes and the Chinese COVID situation at the fore.
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NZD/USD prints $0.6164 falling ~1.3% in yesterday's trading, only the AUD was a weaker performer in G-10 space.

  • The pair rallied off its Asian lows as a significant move lower in USD/JPY in the European session, which printed a fresh 3 month low, spilled over into a wider USD sell off before meeting resistance at its 200-day EMA.
  • The pair extended losses as weak risk sentiment and hawkish Fedspeak weighed, printing a low at $0.6156 before recovering to deal at current levels in late NY dealing.
  • St Louis Feds Bullard said markets may be underestimating the chances of higher rate whilst his NY counterpart Williams noted policymakers have more work to do to curb inflation. Fed Vice Chair Brainard said supply shocks are keeping inflation risk elevated. The S&P500 extended losses falling 1.5%, DXY was up 0.7%.
  • Having broken the 200-day EMA bears need to breach the 20-day EMA at $0.6074 to re-establish the downtrend. Bulls look to target the 200-day EMA at $0.6236, a break through there would open the way to the high from 12 Aug at $0.6468.
  • The domestic data calendar is empty today, which will leave broader themes and the Chinese COVID situation at the fore.