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Kiwi Loses Allure After Tuesday's Rebound

NZD

The kiwi dollar shook off its initial weakness Tuesday and NZD/USD bounced off its 50-DMA, with recovery capped ahead of the WMR fix amid a rebound in the DXY. The rate finished in positive territory, snapping a two-day skid.

  • NZD/USD changes hands -5 pips at $0.6766, with bears looking for renewed losses past the 50-DMA at $0.6727. A break here would open up Feb 28 low of $0.6656. On the flip side, a rally above Mar 11 high of $0.6875 would bring the 200-DMA/Mar 7 high at $0.6918/26 into play.
  • PM Ardern confirmed that border re-opening plan will be brought forward, with Aotearoa set to welcome vaccinated Australian visitors from April 12. Tourists from visa-waiver countries will be able to enter from the beginning of May.
  • New Zealand's BoP current account deficit narrowed to NZ$7.261bn in the final quarter of 2021 from NZ$8.248bn recorded in the three months through September, but was wider than the NZ$6.225bn projected by analysts participating in the Bloomberg survey.
  • Focus now turns to quarterly GDP data, due for release on Thursday.
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