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YTD Lows Extend On Thursday


NZD/USD prints at $0.5910/15, the pair is ~0.4% lower today.

  • Firmer US tsy yields, and pressure on regional equities which has weighed on risk sentiment, have seen the Kiwi marginally extend YTD lows today.
  • Technically we remain in a downtrend, bears target a break of the $0.59 handle which opens $0.5813, a Fibonacci projection.
  • AUD/NZD has broken below the $1.08 handle however losses have been marginally pared, the cross sits at $1.0785/90.
  • RBNZ's Orr noted in a Bloomberg interview that he doesn't feel a rush to change rates any time soon, and a recession is the bare minimum he needs to see.
  • Cross asset wise; 10 Year US Tsy Yields are ~4bps firmer and BBDXY is up ~0.1%. E-minis are ~0.1% lower and Hang Seng is down ~1.5%.
  • A thin local & regional docket leaves wider swings in risk sentiment as the main driver in NZD.

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