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NZD Falters on Pullback in Inflation Expectations

FOREX
  • NZD is comfortably the poorest performer in G10 after inflation expectation data overnight came in well below forecast at 2.79% for Q2 vs. 3.30% in the first three months of the year.
  • NZD was marked lower upon release, putting the pair lower for a second session and well through the 100-dma support at 0.6279. Further losses open the 50-dma initially at 0.6220 ahead of 0.6216, the 61.8% retracement for the April - May upleg.
  • CHF is a furtive outperformer in early Friday trade, helping tilt USD/CHF back toward the 0.89 level, although broader ranges remain generally muted. Equity markets are higher across Europe and the US, with some modest strength noted in the benchmark EuroStoxx50 (+1.0% at typing). JPY is at the other end of the table, helping EUR/JPY moderate the early May pullback.
  • Prelim University of Michigan data takes focus going forward, with markets looking for inflation expectations to havbe moderated in the May prelim read. The central bank speaker slate will also draw some focus, with BoE's Pill set to speak as well as Fed's Daly - although Daly's appearance is unlikely to result in policy-relevant comments.
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