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Softer Start, Q4 CPI Headlines Week

NZD

NZD/USD prints at $0.6460/65, opening trading ~0.3% below Friday's closing levels in thin liquidity before recovering to current levels.

  • Chris Hipkins was confirmed as New Zealand's next Prime Minister on Saturday, he takes over ahead of an election in October.
  • On Friday NZD/USD firmed as US Equities rallied in the NY session after dovish Fedspeak from Gov Waller. The pair rallied ~1.1% from trough to peak.
  • The S&P500 rose ~1.8%, and the DXY finished Fridays trade ~0.1% lower. 10 Year US Treasury Yields were ~9bps firmer.
  • Technically the trend remains bullish, the next target for bulls is the high from 18 Jan at $0.6530. Bears look to first break 20-day EMA at $0.6375 to turn the tide.
  • Wednesday's Q4 CPI headlines the week's data releases, we also have Dec PSI on the wires tomorrow.
  • Chinese markets are closed all week due to Lunar New Year, wider regional liquidity may be impacted as a result.
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