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Marginally Firmer, Respecting Recent Ranges

NZD

NZD/USD prints at $0.6155/60, the pair is ~0.2% firmer today.

  • Improving risk appetite in Asia, as regional equities push higher and US Tsy Yields tick lower, has seen the Kiwi firm today. However recent ranges have been respected as an early rally didn't follow through and Tuesday's high remained intact.
  • Rate differentials, observed via 2 year swaps, sit at +75bps widening a touch today however we remain within recent ranges.
  • AUD/NZD sits a touch below the $1.10 handle, the cross has been unable to sustain any moves below the figure in recent dealing.
  • Cross asset wise; Hang Seng is up ~0.5% and 2-Year US Treasury Yields are ~3bps lower. BBDXY is little changed from yesterday's closing levels.
  • With the FOMC meeting in view, wider swings in risk appetite will be the main driver in the NZD.
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