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Offshore Catalysts Boost Kiwi

NZD

The combination of fading geopolitical worry and a lack of hawkish surprises in the minutes from the latest Fed meeting pushed NZD/USD higher on Wednesday, even as Western and Ukrainian intelligence did not confirm the partial withdrawal of Russian troops from the Ukrainian border promised by Moscow.

  • NZD/USD operates at $0.6688, up 9 pips on the day. A break above Feb 10 high of $0.6733 would support the bullish case, shifting focus to Jan 19 high of $0.6812. Bears look for a pullback under $0.6593/90, which represent the low prints of Feb 14/4. A clean break below those levels would mark the formation of a short-term head-and-shoulders pattern.
  • Top government officials are holding a national security crisis meeting over protests and blockade taking place around Parliament buildings.
  • Looking ahead, Stats NZ will publish quarterly PPI data and the RBNZ will release quarterly Household Expectations Survey on Friday.
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