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NZD/USD failed to cling onto gains registered on the back of New Zealand's upbeat Q1 GDP and faltered in Thursday's London hours, as broader caution took hold. A softer commodity complex helped sap some of the initial Kiwi strength, as BBG Commodity Index turned its tail. NZD/USD breached its 200-DMA (last pierced in mid-2020), slid towards the $0.7000 mark and continued to flirt with that round figure through the rest of the day.
- GDP growth in the first quarter was faster than predicted by any of the economists, who took part in the BBG survey. Sell-side analysts reacted by bringing forward their OCR-hike calls, while money markets saw the re-pricing of RBNZ tightening bets.
- PM Ardern announced Thursday that New Zealand will begin mass vaccination against Covid-19 in late Jul, with rollout to be organised by age cohorts.
- Next week's highlights in NZ include Westpac Consumer Confidence & credit card spending (Tuesday) as well as trade balance (Friday).
- NZD/USD last operates +7 pips at $0.7013, with bulls looking to recoup Jun 15 high of $0.7161. Conversely, a fall through Mar 25 low of $0.6943 would give bears some fresh impetus.