Rangebound, Kiwibank Calls For RBNZ Pause

NZD/USD prints at $0.6280/85, little changed from opening levels.

• Kiwi was pressured this morning as KiwiBank said the RBNZ should pause rate hikes amid the emergency due Cyclone Gabrielle, noting the need for aggressive tightening has waned as inflation has peaked at lower levels than forecast. Tightening could resume in April if required. They also said that the RBNZ isn't likely to pause tightening, and they are still expecting a hike next week.
• An uptick in US Equity futures has aided the NZD to bounce off session lows after NZD/USD found support below its 100-Day EMA ($0.6266).
• AUD/NZD is softer as an uptick in the Australian Unemployment rate weighs on the pair. After a brief look above $1.10 pre data, the pair is now dealing at $1.0970/80 ~0.2% lower today.
• Dec Net Migration was on the wires this morning, printing 4,581 with the prior revised higher to 7354. The local data calendar is empty for the remainder of the week.