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NZD Gains Against G10 Currencies, Yields Rise, BusinessNZ PMI Friday

NZD
The Kiwi is up against all G10 currencies, with the exception of the JPY. China released inflation data earlier showing that CPI rose 0.1% y/y vs 0.4%y/y expected. NZGBs are 11-14bps higher, yield curve is slightly flatter while equities are 0.83% lower.
  • NZD/USD made post CPI lows of 0.5966 late Wednesday, the pair is slightly higher in the first half of Thursday session up 0.14% to 0.5983. Initial resistant is at 0.6100 (round number resistance) a break here would open a move to 0.6026 (20-day EMA). Initial support is at 0.5940 (Apr 1 & YtD lows) below here then 0.5900 (round number support)
  • AUD/NZD tapped the 20-day EMA and initial support at 1.0876 on Wednesday, the pair is now hovering just below 1.0900 to be down 0.04% at 1.0896. Earlier CBA household spending was inline with Feb after being revised down to 3.4% y/y, while Consumer Inflation Expectations was higher than March at 4.6%. Initial support holds at 1.0876 (20-day EMA), while a break back above 1.0900 would open a move to 1.0957 (Apr 8 highs)
  • NZD/JPY fell just short of 92.40 pre CPI, before gapping lower to make intraday lows of 91.23 and erasing the weeks gains, the currency pared some of the losses to close Wednesday at 91.477 and now trades unchanged heading into the Asia break. Initial support is 91.19 (20-day EMA), while to the upside 91.70 (Apr 4 highs) and a break above 92.00 (round number resistance) would open a retest of the recent highs of 92.37 (Apr 10 highs)
  • Looking ahead, BusinessNZ PMI and Food Prices on Friday.
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