NZD: Breaks Above 0.5800 Pivot, Targeting 200-day EMA Resistance Above 0.5830
Dec-10 21:30
NZD/USD pushed through 0.5800 in Wednesday trade, as the Fed cut 25bps as expected, but wasn't as hawkish with its guidance as feared. The pair got to 0.5825, and we track slightly lower in early Thursday dealings, last near 0.5815/20. This is fresh highs back to the first half of Oct, having broken above the 0.5800 pivot point, only the 200-day EMA resistance remains on the topside, which comes in just above 0.5830. First half Oct highs were at 0.5845.
- Broader USD indices faltered in Wed trade (the BBDXY off around 0.45%, the DXY down 0.60%). NZD/USD was mid range from a G10 stand point, slightly outperforming AUD. US Tsy yields finished down across the benchmarks, led by the front end (2yr off 8bps to 3.54%).
- NZ-US yield differentials continue to track higher. The 2yr swap rate differential is to -47bps, highs last seen in early Sep and pointing to further NZD gains. Equity market gains were positive in US markets as well, adding to the risk on tone for the NZD (SPX +0.67%).
- Locally today we have Q3 manufacturing activity. There is no consensus expected, with the prior outcome at -2.9%q/q for volumes.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ASIA: Government Bond Issuance Today
Nov-10 21:28
- Hong Kong to Sell HK$19 Billion 182-Day Bills
- Hong Kong to Sell HK$65.365 Billion 91-Day Bills
- Bank of Thailand to Sell THB65 bn of 91-Days Bills
- Bank Indonesia to Sell 181D SVBI Bills
- Bank Indonesia to Sell 32D SVBI Bills
- Bank Indonesia to Sell 92D SVBI Bills
- Bank Indonesia to Sell 365D SVBI Bills
- Bank Indonesia to Sell 273D SVBI Bills
- Malaysia to Sell MYR5 Billion 2035 Bonds
- MAS to Sell S$14.4 Billion 28-Day Bills
- MAS to Sell S$2 Billion 252-Day Bills
- MAS to Sell S$22.3 Billion 84-Day Bills
- Taiwan to Sell NT$20 Billion 30-Year Bonds
- Philippines To Sell PHP 7.5Bln 182D Bills (PH0000060394)
- Philippines To Sell PHP 7.0Bln 91D Bills (PH0000059917)
- Philippines To Sell PHP 7.5Bln 364D Bills (PH0000061350)
- Indonesia To Sell 2030 Sukuk Bonds (PBS040)
- Indonesia To Sell 2039 Sukuk Bonds (PBS034)
- Indonesia To Sell 2028 Sukuk Bonds (PBS030)
- Indonesia To Sell 2049 Sukuk Bonds (PBS038)
- Indonesia To Sell 2041 Sukuk Bonds (PBS039)
- Indonesia To Sell 25D Sukuk Bills (SPNS08122025)
- Indonesia To Sell 172D Sukuk Bills (SPNS04052026)
- Indonesia To Sell 270D Sukuk Bills (SPNS10082026)
ASIA: Coming Up in Asia Today
Nov-10 21:28
| 0200GMT | 0900HKT | 1100AEDT | South Korea Exports 10 day YoY NOVEMBER |
| 0200GMT | 0900HKT | 1100AEDT | South Korea Imports 10 day YoY NOVEMBER |
source: Bloomberg Finance LP / MNI
ASIA: Coming Up In Asia Pac Markets On Tuesday
Nov-10 21:21
| 2330BST | 0730HKT | 1030AEDT | Australia Nov Westpac Consumer Sentiment |
| 2350BST | 0750HKT | 1050AEDT | Japan Sep Trade/Current Account Data |
| 2350BST | 0750HKT | 1050AEDT | Japan Oct Bank Lending |
| 0000BST | 0800HKT | 1100AEDT | South Korea Nov First 10-days Trade |
| 0001BST | 0801HKT | 1101AEDT | UK Oct BRC Sales |
| 0030BST | 0830HKT | 1130AEDT | Australia Oct NAB Business Conditions |
| 0200BST | 1000HKT | 1300AEDT | New Zealand Q4 Inflation Expectations |
| 0335BST | 1135HKT | 1435AEDT | Japan 30yr Bond Sale |
| 0500BST | 1300HKT | 1600AEDT | Japan Oct Eco Watchers Survey |
Source: Bloomberg Finance L.P./MNI
