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Kiwi Sheds Gains After FOMC Minutes

NZD

NZD/USD wiped out its initial gains in U.S. hours Wednesday, as the minutes from the latest FOMC meeting flagged potential for earlier rate hikes and revealed appetite among some Fed policymakers for a faster reduction in the size of the balance sheet. U.S. Tsy yields jumped after the minutes were released, putting a fresh bid into the USD. This outweighed any Antipodean headline flow, applying pressure to NZD/USD.

  • The rate last trades flat at $0.6795, with bears looking for further sales past Jan 4 low of $0.6765. A break here would clear the way to a support area at $0.6703/02, which limited losses several times in Dec. Bulls need a break above Dec 30 & Jan 3 highs of $0.6857 before targeting Dec 1 high of $0.6868.
  • The domestic economic docket is virtually empty during the remainder of this week.
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