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Kiwi Catches Bid After GDP Beat

NZD

The kiwi jumped after the release of New Zealand's Q1 GDP, which printed comfortably above sell-side estimates. Aotearoa's economy grew 2.4% Y.Y after a 0.9% fall in the previous quarter, while BBG consensus looked for a 0.9% rise.

  • NZD/USD has added 24 pips and last sits at $0.7075. The upswing has not sufficed to outweigh yesterday's post-FOMC losses, but the rate has ticked away from its 200-DMA. Familiar technical levels remain in play.
  • AUD/NZD last sits -23 pips at NZ$1.0770, with bears looking for losses past the 23.6% retracement of the May 27 - Jun 11 rally at NZ$1.0762. Below there opens the 200-DMA/Jun 7 low at NZ$1.0728/19. Bulls keep an eye on Jun 11 high of NZ$1.0812.
  • NZD/JPY trades +23 pips at Y78.29 and a move through Jun 10 high of Y78.99 would open up Jun 7 high of Y79.14. Conversely, a fall through Jun 16/100-DMA at Y77.87/75 would clear the way to Apr 23 low of Y77.19.
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