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Kiwi Rebounds, Q1 GDP on Tap Today

NZD

NZD ultimately ended higher post the Asia close, in what was a volatile overnight session. We traded above 0.6300, versus a low 0.6200 handle yesterday. We currently track just below 0.6290.

  • NZD/USD has been one of the better G10 FX performers over the past 24hrs (+1.16%), albeit still trailing JPY, GBP and AUD.
  • Broad based USD weakness post the Powell press conference, with the sharp pullback in US yields, was the main driver of the NZD bounce late in the NY session.
  • Locally, we have Q1 GDP on tap today. The market looks for a 0.6% rise in Q1 GDP (versus 3.0% in Q4), which would mean a YoY pace of 2.4%, versus 3.1% previously.
  • The NZ government will also scrap a Covid test rule for travellers entering the country, which will come into effect from June 20th. From July 24th travellers from all countries will be able to enter NZ.
  • The move is designed to aid the tourism recovery, with onshore media highlighting that NZ was lagging most other countries in terms of returning to 2019 tourism arrival levels.
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