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Pullback In NZD/USD Stalls, NZ Building Permits Continue To Rise

NZD

NZD/USD slid into Wednesday's London morning and stabilised only just before the WMR fix, with USD appreciation driving the move. Fedspeak & the impeachment of U.S. Pres Trump by the House of Representatives provided the main focal points.

  • As a reminder, on Wednesday ANZ said they no longer see the RBNZ cutting the OCR into negative territory and expect only one more cut to 0.1% in May.
  • We have seen some data released out of New Zealand this morning. Building permits rose 1.2% M/M in Nov after an 8.9% increase recorded in Oct. Separately, Stats NZ published its experimental weekly data based on payday filing, which indicated a continued surge in paid jobs in Q4.
  • The rate's pullback from cycle highs last week resulted in the RSI's slide under the 70 threshold, a bearish signal. However, NZD/USD failed to extend losses beyond Monday's low of $0.7147 as downward pressure has seemed to abate. The pair has added 12 pips this morning and last sits at $0.7190, with bulls looking for a move through Jan 6 high of $0.7315 to gain a fresh impetus. Bears need a dip through $0.7147 before targeting Dec 28 low of $0.7084.
  • Looking ahead, REINZ house sales & New Zealand's food price index are due Friday. Elsewhere, China's trade data will provide some interest today.
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