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NZD/USD Tests Trendline Resistance, PM Ardern To Announce New Holiday

NZD

NZD/USD crept higher in Wednesday's Asia-Pac trade after the release of a strong NZ labour market report, which got any chances of 2021 OCR cuts priced out. The rate trimmed gains in European hours, as the DXY advanced to a fresh YtD high, but recovered late doors and closed in positive territory.

  • As sell-side desks revised their RBNZ easing calls in sync with money market repricing, BNZ said that they now expect the Reserve Bank to resume rate hikes as soon as in May 2022.
  • New Zealand's building permits rose 4.9% M/M in Dec vs. 1.2% prior, firming up for the fifth straight month.
  • PM Ardern will today announce the date of a new holiday - the Matariki Day - which will be implemented from 2022.
  • New Zealand's preliminary ANZ Business Confidence comes out at the top of the hour.
  • NZD/USD last trades at $0.7217, 9 pips better off. The rate is flirting with a trendline resistance drawn off the YtD high, which intersects at $0.7221. A clean break here would turn focus to Jan 26 high of $0.7248. Bears look for a pullback under the 50-DMA at $0.7142, which would expose Jan 28/18 lows of $0.7106/0.7096.
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