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NZD/USD Pulls Back From One-Month High

NZD

NZD/USD snapped its three-day winning streak Wednesday and pulled back from one-month highs. The rate dipped in the London morning but trimmed losses after a marginal miss in U.S. CPI. Losses resumed into the WMR fix but the round figure of $0.7200 provided resilient support.

  • New Zealand's retail card spending fell 0.4% M/M last month after declining 0.6%, while total card spending fell 1.2% M/M vs. 0.6% prior. Retail card spending dwindled for the fourth month in a row.
  • NZD/USD trades at $0.7218, little changed on the day. Liquidity in the Asia-Pac region is thinned by a number of market holidays, with China already off for the LNY.
  • A clean break under the 50-DMA at $0.7158 is needed to give bears some fresh momentum and open up Jan 28 lows of $0.7106/0.7096. Bulls look for a jump above Feb 9 high of $0.7254, which would bring Jan 6 high of $0.7315 into view.
  • Focus moves to Friday's BusinessNZ M'fing PMI & food price index.
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