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Holding Fimer, Westpac Now Sees 25bps Hike In April

NZD

NZD/USD prints at $0.6145/50, up ~0.3% today however the pair has pared gains having been up 0.6%.

  • The pair has held firmer after resistance was seen this morning ahead of $0.6170 as NZD/USD failed to breach Fridays highs.
  • AUD/NZD printed its lowest level of 2023, support was seen ahead of $1.07. The cross sits at $1.0740/50, ~0.1% firmer today.
  • Westpac now sees the RBNZ raising the cash rate 25bps in April, downgrading their call from 50bps as they anticipate a weaker than expected Q4 GDP result.
  • NZIER sees 2023-24 GDP expanding 0.3% in the quarterly survey released this morning.
  • Feb PSI printed at 55.8, with the prior revised higher to 54.7. Feb Food Prices rose 1.5% moderating from the 1.7% seen in January.
  • Looking ahead, Q4 GDP on Thursday highlights the week data wise.
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