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NZD/USD Testing 0.61, AUD/NZD Off Highs

NZD

The kiwi continues to find itself at the foot of the G10 FX performance table.

  • The RBNZ’s decision to leave monetary policy unchanged, coupled with the Bank’s language and OCR projections, resulted in a removal of most of the rate hike premium seen in NZ STIRs (~20% odds of a 25bp hike now seen vs. ~60% pre-decision).
  • The previously covered long NZD positioning would have also played into the post-RBNZ move in the kiwi.
  • NZD/USD is testing $0.6100 at present, a clean break would see bears switch focus to the Feb 13 low ($0.6050). The 100- & 200-DMAs provide intermediate support ($0.6091 & $0.6077, respectively).
  • AUD/NZD traded as high as NZD1.0687, but Australian monthly CPI data, Chinese equity weakness and a marginal move lower in iron ore helped limit that move. A break of today’s high would turn focus to NZD1.0700, followed by the Feb 16 high (NZD1.0703).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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