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Kiwi Rangebound, NZ Consumer Confidence Erodes

NZD

NZD/USD struggled for a clear direction Thursday, which was an inside day for the pair. A notable upswing in USD/CNH likely kept a lid on the kiwi.

  • When this is being typed, NZD/USD trades flat at $0.6480. A break above May 25 high of $0.6514 would bring May 5 high of $0.6568 into play. Conversely, bears look for losses past May 18 low of $0.6291, before setting their sights on May 12 low of $0.6217.
  • The White House confirmed that U.S. President Biden will meet New Zealand's PM Ardern next week. She is currently in the U.S., leading New Zealand's trade and tourism delegation.
  • New Zealand's ANZ Consumer Confidence fell to 82.3 this month from 84.4 prior, which is "still dire." According to ANZ, the "proportion of people who believe it is a good time to buy a major household item, the best indicator for spending, fell 7 points to -30." On the other hand, "inflation expectations fell from 5.6% to 5.1%."
  • Next week's data highlights include building permits & ANZ Business Confidence (Tuesday), CoreLogic House Price Index (Wednesday), terms of trade (Thursday), volume of all buildings (Friday).
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