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Holding Above 0.6100, But Higher US Yields Trim Wednesday Gains

NZD

NZD/USD was mostly on the front foot post the Asia close on Wednesday. We got to highs of 0.6149 before USD sentiment recovered somewhat. We track near 0.6110 in early Thursday dealings, with a modest ~0.15% gain of Wednesday's session.

  • Risk appetite was buoyed late in Asia/London trade on Wednesday post the news of a 50bp RRR cut in China. Equity sentiment was buoyant in the EU (+2.2%), but there were more modest gains in US markets (SPX close to flat).
  • Firmer-than-expected US PMI data provided some late support for the greenback in US trade. US yields finished higher across the curve, the 10yr back to 4.17, +5bps, which curbed NZD gains.
  • The NZD outperformed the AUD at the margins, with the AUD/NZD cross drifting back towards 1.0750/60.
  • Some carry over from yesterday's slightly stronger than expected non-tradables inflation print likely helping at the margin, with AU-NZ 2yr swap spreads declining.
  • The local data calendar is empty today in NZ.
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