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NZD: NZD Firms Amid Higher Global Equities, Volatility Post US CPI Print**

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** Correction in opening paragraph 

NZD/USD was volatile through the US CPI release, initially firmer towards 0.5740, before pulling back to just under 0.5700. The headline US CPI outcome was below expectations, but feedthrough to the Fed’s preferred PCE reading was seemingly less dovish than the headline readings. This aided the USD recovery. Still, NZD/USD, along with other commodity FX, finished Wednesday's session marginally higher. NZD/USD tracks close to 0.5725/30 in latest dealings.

  • Little has changed in terms of NZD/USD technicals. Upside focus rests on the 100-day EMA (near 0.5760/65). Recent moves sub the 20 and 50-day EMA support zone, which rests around 0.5700, have been supported.
  • Global equity market sentiment was mostly better for Wednesday's session. The SPX climbing 0.49%, while EU stocks rose nearly 1%. NZD/JPY is back close to 84.85. March highs in the pair rest at 85.64.
  • US yields finished Wednesday trade higher, the 10yr Tsy yield back above 4.31% in the wash up of the CPI print. NZ-US 2yr swap spreads remain off recent highs last near -50bps.
  • NZ average residential asking prices rose 1% in Feb, but were still down 2.8% y/y (per Trade Me via BBG).
  • NZ PM Luxon said the NZ economy was in the early stages of a recovery as well.
  • Coming up shortly we have Jan net migration figures. 
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** Correction in opening paragraph 

NZD/USD was volatile through the US CPI release, initially firmer towards 0.5740, before pulling back to just under 0.5700. The headline US CPI outcome was below expectations, but feedthrough to the Fed’s preferred PCE reading was seemingly less dovish than the headline readings. This aided the USD recovery. Still, NZD/USD, along with other commodity FX, finished Wednesday's session marginally higher. NZD/USD tracks close to 0.5725/30 in latest dealings.

  • Little has changed in terms of NZD/USD technicals. Upside focus rests on the 100-day EMA (near 0.5760/65). Recent moves sub the 20 and 50-day EMA support zone, which rests around 0.5700, have been supported.
  • Global equity market sentiment was mostly better for Wednesday's session. The SPX climbing 0.49%, while EU stocks rose nearly 1%. NZD/JPY is back close to 84.85. March highs in the pair rest at 85.64.
  • US yields finished Wednesday trade higher, the 10yr Tsy yield back above 4.31% in the wash up of the CPI print. NZ-US 2yr swap spreads remain off recent highs last near -50bps.
  • NZ average residential asking prices rose 1% in Feb, but were still down 2.8% y/y (per Trade Me via BBG).
  • NZ PM Luxon said the NZ economy was in the early stages of a recovery as well.
  • Coming up shortly we have Jan net migration figures.