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Wednesday's Rally Reversed

NZD

Below-forecast (although strongest in three decades) domestic inflation data applied pressure to the kiwi dollar Thursday. The damage to NZD/USD was exacerbated by worsening risk backdrop, amid expectations of more aggressive policy tightening from global central banks. The rate fully reversed Wednesday's rally.

  • It last changes hands at $0.6731, down 6 pips on the day. Initial technical focus falls on $0.6715, the low print of Apr 18. A break here would expose Feb 28 low of $0.6656. Meanwhile, a bounce above Apr 20 high of $0.6813 would bring the 200-DMA/Apr 13 high at $0.6897/0.6902 into view.
  • Moody's affirmed New Zealand at Aaa, keeping the outlook at stable, noting that they expect New Zealand's "wealthy and highly competitive economy to continue its recovery."
  • PM Ardern agreed with her Japanese counterpart Kishida to boost bilateral security and trade cooperation.
  • Next week's data highlights include credit card spending (Tuesday), trade balance & ANZ Business Confidence (Thursday) as well as ANZ Consumer Confidence (Friday).
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