Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.