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NZD/USD Prints Two-Week Highs, Business Confidence Later

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The Kiwi traded higher on Monday, to be a top performing G10 currency, only bettered by the JPY. Monday the focus was on the JPY, with the currency up over 3% although there has been no confirmation from the MoF, the price action suggests intervention. The NZD finished up 0.64%% for the day verses the USD, while the BBDXY closed at two-week lows, down 0.41% at 1,258.31.

  • The NZD/USD edged higher all day, it was supported by a weaker USD which was in turn caused by the rapid moves in the JPY, the currency reached a high of 0.5985, before closing the session up 0.64% at 0.5978. The pair is now about 2.15% off recent lows, has broken back above the 20-day EMA and the 14-day RSI has ticked back above 50, while the MACD indictor has increasing green bars, signaling a potential turnaround.
  • Key levels to watch: a break above round number resistance of 0.6000 would be needed to test the 50-day EMA of 0.6013, while initial support is 0.5961 (20-day EMA), a break here would then see 0.5921 (Apr 24/25 lows).
  • The US-NZ 2y isup 1.5bp to -19.25bps
  • Option expiries: no major strikes today, while notable upcoming strikes are 0.5940 (NZD959.7m May 1), 0.5950 (NZD779.7m May 3), 0.5665 (NZD750m May 3)
  • Looking ahead: ANZ Business Confidence & Activity Outlook at 11.00am AEST.
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The Kiwi traded higher on Monday, to be a top performing G10 currency, only bettered by the JPY. Monday the focus was on the JPY, with the currency up over 3% although there has been no confirmation from the MoF, the price action suggests intervention. The NZD finished up 0.64%% for the day verses the USD, while the BBDXY closed at two-week lows, down 0.41% at 1,258.31.

  • The NZD/USD edged higher all day, it was supported by a weaker USD which was in turn caused by the rapid moves in the JPY, the currency reached a high of 0.5985, before closing the session up 0.64% at 0.5978. The pair is now about 2.15% off recent lows, has broken back above the 20-day EMA and the 14-day RSI has ticked back above 50, while the MACD indictor has increasing green bars, signaling a potential turnaround.
  • Key levels to watch: a break above round number resistance of 0.6000 would be needed to test the 50-day EMA of 0.6013, while initial support is 0.5961 (20-day EMA), a break here would then see 0.5921 (Apr 24/25 lows).
  • The US-NZ 2y isup 1.5bp to -19.25bps
  • Option expiries: no major strikes today, while notable upcoming strikes are 0.5940 (NZD959.7m May 1), 0.5950 (NZD779.7m May 3), 0.5665 (NZD750m May 3)
  • Looking ahead: ANZ Business Confidence & Activity Outlook at 11.00am AEST.