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Pares Post RBNZ Gains, Commodity Prices On Tap

NZD

NZD/USD prints at $0.6315/20, the pair was ~0.1% firmer yesterday.

  • The pair was pressured through the European session yesterday giving up its post- RBNZ gains after the bank hiked the OCR 50bps.
  • Support was seen below $0.63 and NZD/USD pared losses to finish dealing a touch firmer on Wednesday. Widening rate differentials, observed via 2-year swaps, helped support the pair. We now sit a touch below the levels seen during the SVB crisis at +115bps.
  • Bulls look to target a break of $0.6390 the high from Feb 14. Bears look to break the 200-Day EMA ($0.6265) to turn the tide.
  • AUD/NZD printed a fresh YTD low yesterday, the pair briefly traded below the $1.06 handle printing a low at $1.0588. Losses were marginally pared and the cross sits at 1.0635/45.
  • Cross asset wise; S&P500 fell 0.3% and DXY was ~0.3% firmer. 10 Year US Treasury Yields were 3bps lower.
  • On the wires today we have ANZ Commodity Prices for March, there is no estimate the prior read was 1.3%.
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