Back Close To YTD Lows On Broad USD Rebound, Feb Trade Figures On Tap

NZD/USD faltered post the Asia close on Thursday, from near 0.6110 we fell to sub 0.6040. We track near 0.6045 in early Friday trade, off 0.60% for yesterday's session, amid a broad USD rebound. Recent YTD lows at 0.6025 remain intact for NZD.

• USD gains (BBDXY +0.44%) were aided by a dovish Swiss National Bank (-25bps) and BoE. The CHF and GBP the worst performing G10 currencies. We also had a run of better than expected data outcomes in US, including jobless claims and firmer inflation indicators in the PMI print. Front end US yields were higher.
• NZD/USD was around mid range from a G10 FX standpoint in terms of Thursday losses. The AUD/NZD cross continued to climb, the pair last near 1.0870, near fresh highs back to Nov last year.
• Carry over from yesterday's weaker than expected GDP print (and Australia's surprise unemployment drop) adding fresh upside to the pair.
• Coming up shortly we have NZ Feb trade figures.
• NZD/USD focus will be on whether we can test 0.6025, a break sub this level could see Nov 17 lows around 0.5940 targeted. All the key EMAs remain clustered between 0.6100 and 0.6125 on the topside.
• In the option expiry space, note the following for NY cut later: $0.6050-60(N$1.8bln).