NZD: NZD Rises Following Broad USD Weakness, NZ Mfg PMI Jumps Higher

AUD/USD attempted to break back above 0.6200 late in Tuesday Asia Pac trade, but found selling interest. Dips were supported sub 0.6170, keeping overall ranges fairly tight. We track near 0.6190 in early Wednesday dealings (up around 0.20% for Tuesday's session). Broader USD indices were softer on Tuesday, the BBDXY index down 0.44%, largely thanks to a rebound in the single currency, with EUR/USD up 0.60%, regaining the 1.0300 handle. 

• There is little change in terms of the AUD/USD technical backdrop, with bearish conditions still intact. Note that MA studies are in a bear-mode position too. Scope is seen for an extension towards the 0.6100 handle next. Initial firm resistance to monitor is 0.6240, 20-day EMA. The 50-day EMA is at 0.6358.
• US yields were mixed, softer at the front end, but supported at the back end, the 10yr yield holding above 4.78%. The US PPI print was softer than expected, which comes ahead of tonight's key US CPI print. EUR/USD was also aided by firmer German yields. AUD/EUR is back closer to 0.6000, but holding within recent ranges, while EUR/GBP rose above 0.8400, fresh multi month highs.
• Global equity market sentiment was mostly positive, although aggregate moves weren't large. AUD/JPY is a little higher, last near 97.80, but remains within recent ranges.
• Commodity indices saw the aggregate Bloomberg index down 0.27%, as oil lost some ground. The base metals sub index was flat.
• The local data calendar is empty today, with domestic focus on tomorrow's Dec jobs data. 

• +4,218 WNH5 contracts traded at 115-12, post time 07:51.21 AEDT. DV01 $750k. Contract last trades 115-16, up +09 for the session, after hitting a session low of 114-27 earlier