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NZD Marginally Firmer, Muted Start Elsewhere In G-10

FOREX

Kiwi has firmed on Wednesday as ANZ have updated their forecast for the RBNZ terminal rate, the bank now sees the OCR rising to 5.75%.

  • NZD/USD prints at $0.6240/45, the pair is ~0.2% higher this morning. The pair printed a high at $0.6244 before marginally paring gains to current levels. AUD/NZD is a touch softer, the pair is down ~0.1% last printing $1.0660/70.
  • AUD/USD is a touch firmer however a ~10 pip range has been observed for the most part. Resistance comes in at $0.6712 (50-Day EMA) and support is at $0.6636 (low from May 12).
  • Yen is little changed, narrow ranges have been observed thus far today. Q1 GDP printed firmer than expected at 1.6% Y/Y, a print of 0.8% Y/Y had been expected.
  • Elsewhere in G-10 SEK is 0.2% softer however liquidity is generally poor in Asia-Pac.
  • Cross asset wise; e-minis are ~0.1% higher and US Treasury Yields are a touch softer.
  • Q1 Wage Price Index from Australia is the next data of note in the Asian session. Further out we have Eurozone CPI and US Housing Starts.
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