Kiwi Firms In Asia

Kiwi has firmed on Wednesday as ANZ have updated their forecast for the RBNZ terminal rate, the bank now sees the OCR rising to 5.75%.

• NZD/USD prints at $0.6245/50, the pair is ~0.2% firmer today. NZD/USD sits on its 20-Day EMA ($0.6244), bulls look to clear this level with their focus on the 200-Day EMA at $0.6263 as the next upside target.
• AUD firmed off session lows, as US equity futures briefly extended gains, erasing losses of as much as 0.2% to sit unchanged from yesterday's closing levels. The Q1 WPI was close to analysts’ expectations rising 0.8% q/q and 3.7% y/y (Q4 0.8% and 3.4%). Resistance comes in at $0.6712 (50-Day EMA) and support is at $0.6636 (low from May 12).
• Yen is a touch softer, however narrow ranges have been observed thus far today. Q1 GDP printed firmer than expected at 1.6% Y/Y, a print of 0.8% Y/Y had been expected.
• Elsewhere in G-10 EUR and GBP are little changed, both currencies have been trading in narrow ranges with little follow through in Asia.
• Cross asset wise; E-minis are ~0.2% firmer and BBDXY is unchanged from yesterday's closing levels. US Treasury Yields are 1-2bps lower across the curve.
• In Europe today we have the final print of Eurozone CPI, further out US Housing Starts crosses.