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Pars Gains On Fed Minutes, AD/NZD Falls


NZD/USD prints at $0.6215/20, little changed in yesterday's trading.

  • The pair firmed through the European session, meeting resistance at $0.6250, holding the majority of its daily gains through the early NY session.
  • Pressure came as the minutes of February's FOMC meeting noting that the easing of financial conditions could warrant a "tighter stance" on rates, the minutes also revealed a "few" membres wanted to hike 50bps.
  • US Equities came off session highs, weighed on risk sentiment, and the Kiwi pared its daily gains.
  • AUD/NZD prints at $1.0940/45, ~0.8 softer. The cross has dealt through its 20-Day EMA, with the 200-Day EMA now in sight at $1.0919 and is now down ~1.5% from 2023 highs seen on Monday.
  • RBNZ's Gov Orr spoke early this morning at a parliamentary committee. He reiterated themes seen in yesterday's communique that whilst there are early signs inflation is abating, core CPI is too high and monetary conditions need to tighten further.
  • Cross asset flows were mixed, S&P500 was down ~0.2 and DXY was ~0.3% firmer. US 10 Year Treasury Yields were ~4bps lower
  • The domestic data calendar is empty today.

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