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USD Pressured In Asia, NZD Outperforms After Employment Data

FOREX

The kiwi is the strongest performer in the G-10 space at the margins on Wednesday, Q1 labour data showed that the labour market remains very tight and isn’t easing. The greenback is pressured as moves seen in the NY session on Tuesday extended through todays Asian session.

  • NZD/USD prints at $0.6235/40, the pair is up ~0.5% today. The 200-Day EMA provided resistance as bulls were unable to break through $0.6249.
  • AUD/NZD is pressured, down ~0.4% and is dealing below the $1.07 handle. Bears target year to date lows at $1.0588.
  • Yen is firmer, USD/JPY has extended losses through Tuesdays lows and deals a touch above the ¥136 handle after breaching support at ¥136.14 low from 1 May. Bears now target ¥135.13 high from Apr 19 and recent breakout level.
  • Elsewhere in G-10 EUR and GBP are both ~0.2% firmer, BBDXY is ~0.2% lower.
  • Cross asset wise; e-minis are marginally firmer and 10 Year Us Treasury futures are little changed in Asia.
  • The latest FOMC rate decision and Fed Chair Powells press conference provide today's highlights. There is also a slew of US data including ADP Employment, Services PMI and ISM Services.
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