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NZD Trades Higher, PM Flags 'Fragile' Economy Concerns

NZD

Post the Asia session on Friday the NZD outperformed amid the bolstered risk sentiment across global markets. The NZD/USD closed 0.30% higher, while the BBDXY closed Friday almost unchanged up 0.02%. Over the weekend NZ PM spoke about the "fragile Economy", NZ Jan PSI out earlier, while Air NZ warns of Slow demand.

  • NZDUSD post the Asian session initially traded lower heading into US data, following the higher-than-expected US PPI data but then rebounded to an intraday high of 0.6136. The pair continues to trade within the ranges from mid Jan, initial resistance lies at 0.6140/6160 (Highs from Feb 12/Feb 9). Currently, the 20 and 50-day EMAs are positioned at 0.6115/6135.
  • AUDNZD traded lower post Asia Trading on Friday, but remained within the tight trading range from most of the week of 1.0650/1.0700, closing at 1.0664 to be down 0.20% for the day. Currently, the 20 and 50-day EMAs are positioned at 1.0695/1.0735.
  • New Zealand Prime Minister Christopher Luxon spoke over the weekend and expressed concern about the country's financial state calling the economy "Fragile" while citing an 84% increase in government spending since 2017 and a debt projection exceeding NZ$100 billion. Air New Zealand was out earlier with first half guidance, warning of a slowdown in demand. Finally, NZ’s Performance of Services Index rose to 52.1 in January from 48.8 in December.
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