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Kiwi Poised To Finish RBNZ Week On Firmer Footing

NZD

NZD/USD ground higher Thursday as the greenback underperformed most of its G10 peers. while the kiwi caught a light bid in Asia-Pac hours as RBNZ Gov Orr reiterated the Reserve Bank's expectation that the OCR could be raised in mid/late 2022.

  • ANZ Consumer Confidence fell 1.2% M/M to 114.0 in May from 115.4 recorded last month. Accompanying commentary noted that "households continue to report much more caution about buying a major household item than very strong house price inflation expectations would suggest"
  • Focus next week turns to final ANZ Business Confidence (Monday), building permits (Tuesday), terms of trade (Wednesday), ANZ Commodity Price Index (Thursday) & vol of all buildings (Friday).
  • NZD/USD trades flat at $0.7293. A break above May 26 high of $0.7316 would bring Feb 25 high of $0.7465 into view. Conversely, a dip through May 19 low/50-DMA at $0.7152/48 would expose May 13 low of $0.7135.
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