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Edging Higher

NZD

NZD/USD snapped a four-day losing streak on Tuesday as hawkish comments from Antipodean central bankers did the rounds, with the RBNZ reaffirming its clear tightening bias and the RBA noting that its rate-hike cycle would likely begin earlier than previously anticipated.

  • The rate has edged higher and last operates at $0.6742, with bulls setting their sights on the 200-DMA/Apr 13 high at $0.6900/02. Bears need a fall through Apr 18 low of $0.6715 before taking aim at Feb 28 low of $0.6656.
  • RBNZ Gov Orr's veiled calls for help from fiscal authorities in his fight against growing prices have been picked up by opposition lawmakers who blamed the government for fuelling inflation. FinMin Robertson pledged cautious spending but did not make any specific commitments, sticking to his "balanced" approach to public expenditures.
  • New Zealand's economic docket is empty today, which turns focus to the quarterly inflation report, due tomorrow.
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