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NZD/USD Holds Steady Ahead Of US Data, RBNZ Governor Orr to Speak Tomorrow

NZD

As the New Zealand trading day concludes, the NZD is slightly lower against all G10 currencies other than the AUD. Monthly net immigration in New Zealand reached its lowest levels since mid-2022, and RBNZ Governor Orr is scheduled to speak early tomorrow.

  • NZD/USD has remained rangebound today, currently trading at down 0.04% to 0.6084. Heading into a busy US session for data, important levels to watch are, 0.6040 (lows from Feb 5th) a break below here could signal further weakness, potentially opening a move to 0.6000 (lows from Nov 22nd). Currently, the 20 and 50-day EMAs are positioned at 0.6115/6135.
  • AUD/NZD declined after weaker-than-expected AU Jan Jobs data to lows of the day of 1.0650 the pair trades just off those level at the moment of 1.0660, hovering above Tuesday's lows of 1.0640 and the significant support zone of 1.0600. The 20 and 50-day EMAs are now at 1.0695/1.0735.
  • Elsewhere, NZGBs concluded the trading day on a robust note, marked by a 13-14bp decrease in benchmark yields. The AU-NZ 2yr swap spread has re-widened to -108bps (-3bps), although we are up from recent lows for the spread of -115bps.
  • Looking forward, US has Retail sales and Claims data later today, while tomorrow NZ Manufacturing PMI is due out along with RBNZ Governor Orr speaking at the NZ Economics Forum.
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