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NZ Jobs Data, Firmer Commodity Markets Send Kiwi Flying

NZD

Strong NZ Q1 jobs data gave NZD a shot in the arm, setting the scene for a strong session for the kiwi. NZD/USD continued to surge through the rest of the day, drawing support from firmer commodity markets, with BBG Commodity Index hitting multi-year highs.

  • March brought a rebound in New Zealand's building permits, which surged 17.9% M/M after a revised 19.3% fall in February.
  • The pair changes hands at $0.7219 as we type, with bulls setting their sights on Apr 29 high of $0.7287. Next resistance is located at $0.7307, the high print of Mar 2. Bears look for a slide through May 4 low of $0.7116.
  • Looking ahead, flash ANZ Business Confidence comes out later today, with inflation expectations due tomorrow.
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