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Briefly Breaks Yesterday's Post-CPI High

NZD

NZD/USD prints at $0.6365/70, little changed from yesterday's closing levels.

  • The pair briefly dealt through the post-CPI high, printing $0.6385 before paring losses as Chinese inflation data was softer than expected.
  • NZD/USD continues to consolidate May's gains, we are now ~3.4% firmer month to date. Bulls now target a break above high from 14 Feb April ($0.6390), which opens year to date highs at $0.6538.
  • AUD/NZD has ticked over and sits a touch above the low from May 4 ($1.0623). Bears look to target year to date lows at $1.0588, a break through here opens 2022 lows $1.0471
  • April Food Prices printed at 0.5% M/M, ticking lower from 0.8% M/M in March.
  • Looking ahead on the wires tomorrow we have BusinessNZ Manufacturing PMI and Q2 2 Year Inflation Expectations. There are no estimates for either print.
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