MNI: UK FINAL FEB SERVICES PMI 51.0 (FLASH: 51.1); JAN 50.8

MNI: EUROZONE FINAL FEB SERVICES PMI 50.6 (FLASH: 50.7); JAN 51.3

MNI: GERMANY FINAL FEB SERVICES PMI 51.1 (FLASH: 52.2); JAN 52.5

MNI BRIEF: China New CPI Target Reflects Downward Pressure

MNI BRIEF: China Work Report Shows Active Macro Approach

MNI BRIEF: China Aims For 5% GDP Growth, Gov Debt Quota Rises

MNI: EUROZONE JAN PPI +0.8% M/M, +1.8% Y/Y

MNI: FRANCE FINAL FEB SERVICES PMI 45.3 (FLASH: 44.5); JAN 48.2

MNI: ITALY FEB SERVICES 53.0 (FCST: 51.0); JAN 50.4

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZD: NZD/USD Fall 1% As Trump's Tariffs To Go Into Effect

NZD
USNew ZealandNorth AmericaBulletAPACForeign Exchange BulletsMarkets
  • NZD/USD dropped 1.12% on Thursday as the USD rallied after Trump announced that the proposed tariffs scheduled to go into effect on March 04 will be implemented as scheduled. The announcement came just one day after the US president hinted that the Canada and Mexico tariffs could be delayed again.
  • We broke through key support overnight, breaking both the 50 & 20-Day EMAs. Key support is 0.5600 (Feb 12 lows) a break here would then open up a move to retest the Feb 3 lows of 0.5516. To the upside 0.5690/.5700 (20-, 50-Day EMA) are seen as key resistance, a break back above here would open a move to retest the ytd highs of 0.5769.
  • BNZ's January job ads index rose 4.1% m/m, rebounding from December's 1.9% decline, marking the second increase in three months. However, ads remain down 17% y/y, though the trend series edged up 0.3% m/m, indicating stabilization.
  • New Zealand's consumer confidence rose slightly to 96.6 in February from 96 in January, up 0.6% m/m. Two-year inflation expectations ticked up to 4% from 3.9%, while 21% of respondents expect to be better off next year, down 2pts. ANZ notes that while sentiment has improved over six months, a stronger recovery likely depends on labor market stabilization and housing market gains.
  • Expiries: 0.5615 (NZD647m), 0.5440 (NZD335m), 0.5855 (NZD333.1m). Upcoming notable strikes: 0.5855 (NZD869.3m March 4), 0.6350 (NZD352.8m March 5), 0.5335 (NZD315.6m March 3)
  • RBNZ dated-OIS is fully pricing in a 25bps cut in April, while there is about a 80% chance of a further 25bps cut priced for May, with a cumulative 64.5bps of cut priced by November.
  • The NZ-US 2yr swap initial fell 5bps before paring those moves to closed unchanged at -52bps
  • There calendar is empty for the remainder of the session
289 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • NZD/USD dropped 1.12% on Thursday as the USD rallied after Trump announced that the proposed tariffs scheduled to go into effect on March 04 will be implemented as scheduled. The announcement came just one day after the US president hinted that the Canada and Mexico tariffs could be delayed again.
  • We broke through key support overnight, breaking both the 50 & 20-Day EMAs. Key support is 0.5600 (Feb 12 lows) a break here would then open up a move to retest the Feb 3 lows of 0.5516. To the upside 0.5690/.5700 (20-, 50-Day EMA) are seen as key resistance, a break back above here would open a move to retest the ytd highs of 0.5769.
  • BNZ's January job ads index rose 4.1% m/m, rebounding from December's 1.9% decline, marking the second increase in three months. However, ads remain down 17% y/y, though the trend series edged up 0.3% m/m, indicating stabilization.
  • New Zealand's consumer confidence rose slightly to 96.6 in February from 96 in January, up 0.6% m/m. Two-year inflation expectations ticked up to 4% from 3.9%, while 21% of respondents expect to be better off next year, down 2pts. ANZ notes that while sentiment has improved over six months, a stronger recovery likely depends on labor market stabilization and housing market gains.
  • Expiries: 0.5615 (NZD647m), 0.5440 (NZD335m), 0.5855 (NZD333.1m). Upcoming notable strikes: 0.5855 (NZD869.3m March 4), 0.6350 (NZD352.8m March 5), 0.5335 (NZD315.6m March 3)
  • RBNZ dated-OIS is fully pricing in a 25bps cut in April, while there is about a 80% chance of a further 25bps cut priced for May, with a cumulative 64.5bps of cut priced by November.
  • The NZ-US 2yr swap initial fell 5bps before paring those moves to closed unchanged at -52bps
  • There calendar is empty for the remainder of the session