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NZD Outperformance Continues On Data & Higher US Equity Futures

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The BBDXY sits slightly lower for the first part of Thursday trade, the BBDXY index last under 1250. NZD has been the outperformer aided by better data and a firmer US equity futures backdrop.

  • NZD/USD is back around 0.6120, up close to 0.40% for the session. This is still sub post RBNZ highs, but is maintaining the Kiwi outperformance theme.
  • Retail sales for Q1 rose +0.5%, against a consensus expectation for a fall. The broader consumer spending backdrop remains soft though. RBNZ Governor Orr stated the central bank doesn’t want to risk a blowout in inflation expectations, although appeared to leave a high bar for a further hike.
  • AUD/NZD is down 0.25% at 1.0830/35, close to the 200-day EMA support point. AUD/USD is higher, but trailing NZD, the pair last near 0.6630. Consumer inflation expectations eased to 4.1% in April from 4.6%.
  • Risk sentiment has been aided by a positive US equity futures backdrop. Nasdaq futures are up nearly 1% (Eminis +0.60%), with Nvidia's strong earnings result from late Wednesday US time, a clear positive. This is helping to offset a more mixed regional equity tone, with China/HK markets tracking lower. US yields sit a touch higher.
  • USD/JPY got to fresh highs of 156.90, but now sits back in the 156.70/75, little changed for the session. BoJ bond buying ops were unchanged, while the preliminary manufacturing PMI for May moved back into expansion territory.
  • Looking ahead, preliminary PMIs in the UK and EU are out, as well as the US. The Fed's Bostic also speaks.
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The BBDXY sits slightly lower for the first part of Thursday trade, the BBDXY index last under 1250. NZD has been the outperformer aided by better data and a firmer US equity futures backdrop.

  • NZD/USD is back around 0.6120, up close to 0.40% for the session. This is still sub post RBNZ highs, but is maintaining the Kiwi outperformance theme.
  • Retail sales for Q1 rose +0.5%, against a consensus expectation for a fall. The broader consumer spending backdrop remains soft though. RBNZ Governor Orr stated the central bank doesn’t want to risk a blowout in inflation expectations, although appeared to leave a high bar for a further hike.
  • AUD/NZD is down 0.25% at 1.0830/35, close to the 200-day EMA support point. AUD/USD is higher, but trailing NZD, the pair last near 0.6630. Consumer inflation expectations eased to 4.1% in April from 4.6%.
  • Risk sentiment has been aided by a positive US equity futures backdrop. Nasdaq futures are up nearly 1% (Eminis +0.60%), with Nvidia's strong earnings result from late Wednesday US time, a clear positive. This is helping to offset a more mixed regional equity tone, with China/HK markets tracking lower. US yields sit a touch higher.
  • USD/JPY got to fresh highs of 156.90, but now sits back in the 156.70/75, little changed for the session. BoJ bond buying ops were unchanged, while the preliminary manufacturing PMI for May moved back into expansion territory.
  • Looking ahead, preliminary PMIs in the UK and EU are out, as well as the US. The Fed's Bostic also speaks.