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Kiwi Recovers On Post-Powell Risk Reprieve

NZD

NZD/USD see-sawed on Wednesday but managed to stage a recovery later in the day, as Fed Chair Powell backed a more measured 25bp rate rise at the March FOMC meeting, while he noted that he was open to deploying 50bp rate hikes moving forwards, if inflation doesn’t cool.

  • NZD/USD last changes hands at $0.6782, down 5 pips on the day. Bears look for losses past Feb 24 low of $0.6631 before taking aim at Feb 14/4 lows of $0.6593/90. Conversely, bull look to a rally through Feb 23/Jan 19 highs of $0.6809/12 before targeting Jan 13 high of $0.6891.
  • Focus moves to ANZ Consumer Confidence, due Friday. In the meantime, China's Caixin Services PMI may provide some interest today.
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