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Kiwi Sticks To Familiar Range

NZD

Thursday saw NZD/USD firm up a tad, despite shedding a handful of pips early on after the release of soft card spending data out of NZ. The rate trimmed gains over the WMR fix, as the DXY recovered from intraday lows, but still managed to finish in positive territory.

  • New Zealand's BusinessNZ M'fing PMI is back in expansionary territory, the index improved to 57.5 from 48.3 in Jan. BNZ commented that the jump did not seem to reflect seasonal adjustment issues.
  • Food price index increased 1.3% M/M in Jan after rising 0.1% the prior month.
  • NZ Tsy Sec McLeish told lawmakers that it is too early to tell if the RBNZ's use of unconventional MonPol tools has increased inequality.
  • NZD/USD trades at $0.7232, a touch higher on the day. Further gains past Feb 9 high of $0.7254 would bring Jan 6 high of $0.7315 into play. On the downside, a fall through the 50-DMA at $0.7162 would clear the way to Jan 28/18 lows of $0.7106/0.7096.
  • Next week's NZ docket includes REINZ house sales (Tuesday) & PPI (Friday).
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