More RBNZ Rhetoric Eyed

NZD/USD registered fresh four-and-a-half year highs into Thursday's London morning, but turned heavy thereafter amid fading risk appetite and a recovery in the greenback, underpinned by rallying U.S. Tsy yields. The rate snapped its five-day winning streak and pulled back below the $0.7400 mark.

• ANZ Consumer Confidence moderated to 113.1 in Feb from 113.8 in the prior month. The correction was marginal and ANZ noted that household are "perceiving a lot of inflation out there."
• NZ Immigration Min Faafoi warned that those who have relied on migrant workers should "think differently about how to do that in the future," as immigration levels will not return to pre-Covid levels.
• NZD/USD has added a handful of pips in early dealing and last sits at $0.7382. A break above Thursday's high of $0.7465 would shift focus to Jul 27, 2017 high of $0.7558. Conversely, a dip through Thursday's low of $0.7360 would expose the 50-DMA at $0.7205.
• As a reminder, RBNZ Gov Orr will speak to the Canterbury Chamber of Commerce at the bottom of the hour.
• Next week's docket features terms of trade & CoreLogic House Price Index (Tuesday), building permits & ANZ Commodity Price Index (Wednesday), NZ Gov't 7-Month Financial Statements & RBNZ Gov Orr's speech (Thursday) and construction work (Friday).