• NZD/USD is under pressure and is tracking stocks lower.
  • Risk-off sentiment is firmly weighing on the high beta currencies. 

NZD/USD is trading down some 0.74% into the start of the early Asian session. The bears are focused on the January 2022 lows on a day that saw the US dollar run higher as per the DXY to fresh bull cycle highs at 102.363.

At 0.6565, the price is 80 pips below the highs of the day at 0.6645.''Reports that Russia has halted gas supplies to Poland raised concerns of a broadening energy stand-off with Europe which would have negative implications for the European manufacturing sector,'' analysts at ANZ Bank said. ''The USD is the main beneficiary of this uncertainty and its strength is broad-based, including against the NZD. Asian FX weakness vs USD is also weighing on the kiwi.''

A combination of risk-off themes has weighed on financial markets this week. For one, the Chinese capital, Beijing, has launched a COVID-19 testing drive for most of its 21 million people in a race to contain a growing coronavirus outbreak and avert a city-wide lockdown.

Beijing reported 33 new COVID-19 infections on Tuesday, bringing the total number of infections found in the capital to 80 since Friday. However, while the numbers seem minuscule, the zero-COVID policy is implemented and authorities are anxious to avoid the kind of spiralling outbreak that has plunged the commercial hub of Shanghai into a strict lockdown for weeks.

The lockdowns in China add to the worries over world trade and inflation risks at a time when NATO is on the brink of war with Russia. It was a 'sell-everything' day on Wall Street as a consequence with the Nasdaq closing at its lowest since December 2020 as investors worried about slowing global growth and a more aggressive Federal Reserve.

Meanwhile, data showed US Consumer Confidence edged lower in April. Additionally, the Atlanta Fed Gross Domestic Product nowcast estimate for the first quarter growth was revised sharply lower to 0.4% from 1.3% on April 19. The next update is on Wednesday, the final estimate before the Bureau of Economic Analysis releases its advance reading of Q1 GDP on Thursday. 

NZD/USD

Overview
Today last price 0.6564
Today Daily Change -0.0054
Today Daily Change % -0.82
Today daily open 0.6618
 
Trends
Daily SMA20 0.6835
Daily SMA50 0.682
Daily SMA100 0.678
Daily SMA200 0.6895
 
Levels
Previous Daily High 0.6645
Previous Daily Low 0.6582
Previous Weekly High 0.6814
Previous Weekly Low 0.6625
Previous Monthly High 0.6999
Previous Monthly Low 0.6728
Daily Fibonacci 38.2% 0.6606
Daily Fibonacci 61.8% 0.6621
Daily Pivot Point S1 0.6585
Daily Pivot Point S2 0.6552
Daily Pivot Point S3 0.6522
Daily Pivot Point R1 0.6648
Daily Pivot Point R2 0.6678
Daily Pivot Point R3 0.6711

 

 

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