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KIWI
KIWI: NZD/USD attempted to breach its 50-DMA ($0.6598) on a couple of occasions
on Tuesday, but failed, the moving average now sits at $0.6595, as of the NY
close.
- The rate managed a high of $0.6597 Tuesday.
- The leg higher during Asia hours came on the back of a stronger than expected
NZ CPI release, but was tempered as most pointed towards transitory factors.
Rates markets were pricing ~4bp worth of easing through June 2019 in early
dealing today, against ~5bp pre-CPI.
- The second leg higher came on the back of broader based USD weakness during EU
and early NY trade, before an upswing in U.S. equities supported the greenback,
limiting the scope for further gains in the cross, although the risk-on feeling
would have also provided some underlying support for the NZD elsewhere.
- The latest GDT dairy auction saw incremental slippage in the headline index
and WMP prices, in line with the recent trend.
- The rate last deals at $0.6590, ~20 pips or so higher on the day, with nearby
resistance at the 50-DMA $0.6595, followed by Tuesday's high ($0.6597).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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