NZD/USD Back To Flat For The Week, -2% From Post RBNZ Highs

NZD was the weakest performer through Thursday's session within the G10 space. The USD was firmer against the commodity bloc (although less so NOK) for the session, aided by a firmer front end yield backdrop (US 2yr back to 3.83%, +5bps). Bloomberg's aggregate commodity index was down a touch as well. The firmer equity backdrop in US/EU markets didn't lend much support.

• NZD/USD lost close to 1.20%, ending NY trade in the 0.6240/45 region. We sit around these levels currently, albeit in what is expected to be a lighter liquidity session given AU and NZ markets are closed for the start of the Easter break. HK and Singapore markets are also out, but Japan markets are open along with China and South Korea.
• NZD/USD now sits slightly lower versus levels from last Friday, and more than 2% off post RBNZ peaks (0.6375/80). the pair is back below its simple 50 (0.6263) and 100 (0.6300) day MAs. The 100-day EMA sits close to current spot levels. On the downside, Monday lows come in just under 0.6210.
• Looking ahead to when local markets re-open next Tuesday, the data calendar is fairly light. March credit card spending figures are out next week, along with the manufacturing PMI and net migration figures.