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Kiwi Loses Ground

NZD

NZD/USD faltered on Wednesday as hawkish Fed musings came to the fore, with the pair extending losses after the release of minutes from the FOMC's most recent monetary policy meeting. The document outlined the Fed's preferred parameters of impending balance sheet reduction and suggested that many members would have opted for a 50bp rate hike in March, of not for the outbreak of war in Ukraine.

  • NZD/USD trades at $0.6919, little changed on the day. Bears would be pleased by a sell-off past Mar 29 low of $0.6876, which would open up Mar 22 low of $0.6864. Conversely, topside focus falls on Apr 5 high of $0.7034, followed by Nov 18 high of $0.7053.
  • Just worth noting in advance that the RBNZ's Monetary Policy Committee will meet next week and the OIS strip points to a 68% chance for an outsized 50bp rate hike.
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