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NZD Edges Higher Against All G10 Currencies Post CPI

NZD
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The Kiwi higher verses all G10 currencies, with the expectation that the RBNZ is unlikely to lower it's OCR anytime soon after CPI was 4% y/y, although this was the weakest reading in almost three years it's still comfortably above the target range of 1-3%. NZGBs are 6-8bps higher today, with the majority of the move coming post NZ CPI.

  • NZD/USD is up 0.42% and back above 0.5900 at 0.5907, the downward trend still remains intact with the currency still trading below the 20, 50, 100 & 200-day EMAs, the14-day RSI is off lows at 36.5. On the USD front, Powell's hawkish remarks on Tuesday could potentially boost the USD in the short term. Initial support is at 0.5864 (Nov 11 lows) while initial resistant is at 0.5950 (Apr 15 highs).
  • AUD/NZD is slightly lower today, down 0.14% at 1.0870 and has broken below the 20-day EMA level of 1.0880, while the AU-NZ 2y swap has edged lower down 1.5bps to -94.50bps. Initial support is 1.0863 (Apr 15 low), while a break back above 1.900 would be needed to retest 1.0920 (Apr 15 highs)
  • NZD/JPY is higher today, up 0.36% to 91.345, the cross bounced off the 100-day EMA on Tuesday, and post CPI has broken back above the 20 & 50-day EMA indicating buyers are back in charge and the upward trend remains intact. The 14-day RSI indicator has also just ticked back above 50 to 52. Initial resistance is 91.60 (Apr 16 highs), while initial support is 90.59 (100-day EMA).
  • Looking ahead, US MBA Mortgage Applications Later today, AU Employment data, JP Tertiary Industry Index on Thursday will be the focus with little on the calendar for NZ for the remainder of the week.
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The Kiwi higher verses all G10 currencies, with the expectation that the RBNZ is unlikely to lower it's OCR anytime soon after CPI was 4% y/y, although this was the weakest reading in almost three years it's still comfortably above the target range of 1-3%. NZGBs are 6-8bps higher today, with the majority of the move coming post NZ CPI.

  • NZD/USD is up 0.42% and back above 0.5900 at 0.5907, the downward trend still remains intact with the currency still trading below the 20, 50, 100 & 200-day EMAs, the14-day RSI is off lows at 36.5. On the USD front, Powell's hawkish remarks on Tuesday could potentially boost the USD in the short term. Initial support is at 0.5864 (Nov 11 lows) while initial resistant is at 0.5950 (Apr 15 highs).
  • AUD/NZD is slightly lower today, down 0.14% at 1.0870 and has broken below the 20-day EMA level of 1.0880, while the AU-NZ 2y swap has edged lower down 1.5bps to -94.50bps. Initial support is 1.0863 (Apr 15 low), while a break back above 1.900 would be needed to retest 1.0920 (Apr 15 highs)
  • NZD/JPY is higher today, up 0.36% to 91.345, the cross bounced off the 100-day EMA on Tuesday, and post CPI has broken back above the 20 & 50-day EMA indicating buyers are back in charge and the upward trend remains intact. The 14-day RSI indicator has also just ticked back above 50 to 52. Initial resistance is 91.60 (Apr 16 highs), while initial support is 90.59 (100-day EMA).
  • Looking ahead, US MBA Mortgage Applications Later today, AU Employment data, JP Tertiary Industry Index on Thursday will be the focus with little on the calendar for NZ for the remainder of the week.