• NZD/USD is pressured in a risk-off environment. 
  • US dollar and stocks dominant the bird.

NZD/USD is back to flat on the day while the price ranged between a low of 0.5624 and a high of 0.5721. The bird is a high beta currency and is being dictated by the stock markets in the absence of domestic data.

Meanwhile, markets were once again volatile on Tuesday leading to a mixed close in US stocks after hitting fresh 2022 lows in midday trade. US data was showing that consumer confidence was growing above expectations and new-home sales logged an unexpected rise. Elsewhere, Fed speakers were the driver. St. Louis Fed President James Bullard and Chicago Fed President Charles Evan advocated more interest rate hikes even at the risk of slowing economic growth.

Later in the day, Minneapolis Federal Reserve Bank President Neel Kashkari on Tuesday said in a WSJ Live interview that central bankers are united in their determination to do what needs to be done to bring inflation down, and financial markets understand that. "There's a lot of tightening in the pipeline," Kashkari said.

The benchmark S&P 500 erased gains of up to 1.7% by early afternoon trading to hit lows last seen in late November 2020 and was down some 0.2% by the close. The US dollar, as measured by the DXY index, is back to trading in the 114 area but is currently under pressure below the highs of the day of 114.47.

In terms of the kiwi, ''as to where we go from here – sentiment seems split two ways – with some saying this is an extreme move that will be unwound, and others saying that the rampant inflation/fiscal unsustainability “tinderbox” of market discontent was just waiting for a spark, and recent moves reflect markets belatedly re-pricing risk,'' analysts at ANZ Bank said. ''We think it’s more of the latter, and don’t expect the going to get any easier, or for volatility to die down, anytime soon.''

NZD/USD

Overview
Today last price 0.5632
Today Daily Change -0.0005
Today Daily Change % -0.09
Today daily open 0.5637
 
Trends
Daily SMA20 0.5991
Daily SMA50 0.6158
Daily SMA100 0.6237
Daily SMA200 0.6495
 
Levels
Previous Daily High 0.5755
Previous Daily Low 0.5625
Previous Weekly High 0.6003
Previous Weekly Low 0.573
Previous Monthly High 0.647
Previous Monthly Low 0.6101
Daily Fibonacci 38.2% 0.5675
Daily Fibonacci 61.8% 0.5705
Daily Pivot Point S1 0.559
Daily Pivot Point S2 0.5542
Daily Pivot Point S3 0.5459
Daily Pivot Point R1 0.572
Daily Pivot Point R2 0.5803
Daily Pivot Point R3 0.585

 

 

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