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Firmer; Business Confidence Rises, Inflation Pressures Remain

NZD

NZD/USD prints at $0.6500/05, ~0.2% firmer in today's trading.

  • The pair was bid after the Jan ANZ Business Survey saw Business Confidence rise to -52.0 from -70.2 prior, and the Activity Outlook rose to -15.8 from -25.6 prior. Inflation pressure remains, pricing intentions rose 3 points and cost expectation rose 7 points.
  • NZD/USD is dealing just off session highs, with bulls targeting a break of $0.6530 (Jan 18 high).
  • AUD/NZD is little changed today, the cross has held comfortably above the 200-day EMA and bulls look to target $1.10 handle.
  • Cross-asset wise the greenback is pressured, as USD/JPY is offered, BBDXY is down ~0.1%. US Equity futures are softer, although they are recovering from session lows.
  • With an empty local and regional calendar for the remainder of the day wider swings in risk sentiment will be the main driver of NZD.
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