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Consumer Confidence Falls To Worst Levels Since GFC

NZD

NZD/USD had a look above its 200-DMA Monday but struggled to hold onto its initial gains and retreated in European/U.S. hours. Fed Chair Powell's remarks opening the door to more aggressive policy tightening helped sap some strength from the pair.

  • The rate last changes hands at $0.6881, down 6 pips on the day. Bears look for a slide towards the 50-DMA/Mar 15 low at $0.6738/29. Meanwhile, bulls would be pleased by a jump above yesterday's/Mar 7 highs of $0.6923/26, which would shift focus to the psychological $0.7000 figure.
  • New Zealand's Westpac Consumer Confidence fell to 92.1 in the first quarter of 2022 from 99.1 in the previous three-month period. The index is now at its lowest point since the Global Financial Crisis in 2008, as higher mortgage rates and rising living costs are squeezing household budgets amid the spread of Omicron coronavirus variant.
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