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Better Global Equity Tone Aids Recovery, NZD/USD Back Close to 200-Day EMA


NZD/USD spent most of the post Asia close on the front foot, as the USD fell across the board. The Kiwi was the best performer in the G10 space through Thursday's session, slightly outperforming GBP. The pair currently sits just below Thursday session highs, in the 0.6260/65 region.

  • The 200-day EMA is close by at 0.6270. Moves above this resistance point have not been sustained in March. Recent highs also come in near the 0.6300 level. On the downside, lows near 0.6200 were supported yesterday.
  • The NZD benefited from the continued broad recovery in risk appetite, with EU/US equities continuing to rally. This moves the currency more into line with the better equity pulse seen the past week.
  • Broader USD sentiment was softer, as EUR/USD is back above 1.0900, as German CPI surprised on the upside, although EUR didn't outperform the rest of G10 during Thursday's session.
  • On the data front, ANZ NZ consumer confidence for March fell 2.6% to 77.7. Inflation expectations nudged higher to 5.4% from 5.2%, a nine month high, which comes ahead of next week's RBNZ meeting. The data calendar is quiet until next week.

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