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Kiwi Stays Afloat Despite Heightened Geopolitical Risk

NZD

NZD/USD took a nosedive Thursday in reaction to escalation of military clashes in parts of eastern Ukraine occupied by Russia, but managed to claw back those losses later in the day. The rate then trimmed gains in NY hours, as concerns about looming Fed tightening added pressure to U.S. equity benchmarks.

  • The pair last trades at $0.6694, a touch higher on the day. Bulls look to a move through the 50-DMA/Feb 10 high at $0.6732/33 before targeting Jan 19 high of $0.6812. Conversely, a fall through Feb 14/4 lows of $0.6593/90 would expose Jan 28 low of $0.6530.
  • The RBNZ will hold their first monetary policy meeting of 2022 next week and are widely expected to resume OCR hikes.
  • Local data highlights next week include credit card spending (Tuesday), trade balance (Thurday) & retail sales (Friday).
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