New Zealand Dollar weakness against US Dollar reemerges on Thursday

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• The New Zealand Dollar initially bounced on Thursday after finding a floor at the key 50-day SMA.
• The Kiwi’s stance against the Greenback reemerged later in the US session, however, after US Treasury yields jumped.
• NZD/USD remains in a long-term downtrend, with US labor data and commentary from Fed’s Powell as potential near-term influences. 

The New Zealand Dollar (NZD) continued its downtrend against the US Dollar (USD) late Thursday despite bouncing off technical support at the important 50-day Simple Moving Average (SMA) during the US morning session. The US Dollar surged in strength in the afternoon following a poor 30-year bond auction held by the US Treasury Department, which forced the NZD/USD to drop preciptously. The 5, 10 and 30-year US Treasury yields all rose more than 2%.