August 11, 2022 22:29 GMT
The kiwi outperformed its commodity-tied peers Thursday amid generally solid performance from the space, with the aggregate Bloomberg Commodity Index extending its bullish run to three consecutive days.
- The kiwi dollar has been the best G10 performer this week, adding ~3.3% versus the greenback, even as RBNZ rate-hike pricing has been subject to negligible fluctuations.
- NZD/USD clung to the coattails of the BBDXY index on Wednesday, before mild divergence unfolded in NY hours, as the pair managed to defend the bulk of its earlier gains.
- The U.S. dollar remained driven by musings on Fed policy outlook in the light of recent below-forecast U.S. inflation figures & flurry of comments from Fed officials who vowed to keep tightening.
- NZD/USD trades flat at $0.6437 at typing, after printing a fresh two-month high & having a look above its 100-DMA on Wednesday. A clean break above that moving average ($0.6437) would bring Jun 3 high of $0.6576 into view. Bears look for a retreat under Aug 5 low of $0.6213.
- BusinessNZ M'fing PMI will cross the wires at the bottom of the wire, while data on household inflation expectations is due later in the day (15:00 NZST/04:00 BST).
- These are some of the final data signals ahead of the RBNZ's Monetary Policy Statement coming up next Wednesday.