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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NZD
ANZ's view change that it sees 25bps hikes in Feb and Apr of this year, has aided the NZD is recent dealings. The local bank now sees the OCR at 6% until Feb 2025.
- NZD/USD has spiked from 0.6095 to a high of 0.6113. We have continued to grind higher, last at 0.6115. Kiwi bulls could eye a test of the 20 and 50-day EMAs, which sit in the 0.6125/35 region.
- AUD/NZD has made fresh lows, last near 1.0625/30, we are very close to Oct lows from last year. Note May 2023 lows were at 1.0560.
- Further on ANZ's view change: "Says data since November MPS have been a series of small but pretty consistent upward surprises for inflation pressure"
- "The RBNZ will be well aware that restarting hiking cycles when per capita GDP is down 3% y/y might appear counterintuitive. But at the end of the day, they have a job to do: to get inflation sustainably down to 2% in the medium term. We just don’t think the RBNZ Committee will feel confident that they’ve done enough to meet their inflation mandate. The buck stops there" (BBG)
Fig 1: AUD/NZD Spot
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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