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NZD Catches Bid Into Wednesday's WMR Fix

NZD

NZD/USD rallied into the WMR fix Wednesday, after showing little reaction to in-line CPI figures released out of New Zealand. The upswing was driven by USD sales amid a positive showing from European & U.S. equity markets.

  • New Zealand's annual CPI accelerated to +1.5% Y/Y. The RBNZ's sectoral factor model inflation index rose 1.9% Y/Y, at the fastest pace since 1Q2010.
  • FinMin Robertson announced the decision to double the coverage of a proposed deposit guarantee scheme to NZ$100,000 per depositor/institution. The scheme will take effect in 2023.
  • The rate last trades at $0.7207, 6 pips worse off on the day. A slide through Apr 19 low of $0.7122 would draw attention to Apr 7 low of $0.6997. Conversely, a break above Apr 20 high of $0.7230 would open up Mar 18 high of $0.7269.
  • New Zealand's credit card spending data hit the wires tomorrow.
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