Kiwi Creeps Higher, NZD/USD Back To Weekly Gain

NZD/USD ground higher on Thursday amid broad-based greenback weakness, returning to a weekly gain as a result.

• The kiwi crept higher in Asia hours, possibly drawing some support from the reassessment of New Zealand's labour market data, which showed that wage pressure remains acute.
• The pair corrected its initial advance ahead of the WMR fix, but then turned bid again, in line with broader greenback sales (BBDXY index faltered).
• The U.S. dollar went offered as domestic recessionary concerns resurfaced, with Fed members playing up potential for decisive response to inflation.
• The normally risk-sensitive NZD/USD managed to remain afloat even as U.S. equities had a wobbly session on Wall Street.
• NZD/USD last changes hands at $0.6297, just shy of opening levels. Renewed gains past Aug 1 high of $0.6353 would give bulls a green light for targeting Jun 16 high of $0.6396. On the flip side, the key near-term support is at $0.6061, the low print of Jul 14.
• There are no NZ data releases of note today, which shifts focus to inflation expectations data, due Monday.