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Kiwi Loses Altitude, Consumer Sentiment Sours

NZD

Thursday was a bearish inside day for NZD/USD, which retreated amid a retreat in crude oil prices, which weighed on commodity-tied FX space. Greenback sales into the final London fix of Q1 resulted in a short-lived blip higher but the rate eased off shortly thereafter.

  • NZD/USD trades at $0.6937, down 9 pips on the day as we type. A sell-off past Mar 29 low of $0.6876 would shift focus to Mar 22 low of $0.6864. Conversely, bulls need a rebound above Mar 30 high/round figure of $0.6998/0.7000 before setting their sights on Nov 18 high of $0.7053.
  • New Zealand's ANZ Consumer Confidence Index fell to 77.9 in March from 81.7 prior, marking a fresh record low in a data series running from 2004, as the combination of Omicron, rising living costs, cooling housing market and increasing interest rates weighed on sentiment.
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