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Still Underperforming, NZD/JPY Hits Fresh Post-BoJ Lows

NZD

NZD/USD was the weakest performer within the G10 space through Thursday's session. The pair lost 0.75%. We last tracked near 0.6250 (NY lows were at 0.6231), which leaves us now below the 200-day EMA (0.6255). The 20-day EMA sits higher 0.6304, while the currency has broken comfortably below uptrend channel support, which had been in place since October.

  • The NZD was weighed by weaker risk appetite, as cross asset headwinds weighed in the form of lower equities in core markets and higher US cash Tsy yields.
  • The Kiwi is the weakest currency within the G10 space over the past week, down by just over 1.5%. Yield momentum has softened, with 2yr government bond spreads with the US off by around 10bps from recent highs to +69bps. Slumping confidence measures is casting a shadow over the growth outlook as we progress into 2023.
  • The AUD/NZD cross touched a high near 1.0720 in NY trading, but is now back to 1.0675/80 as AUD played some catchup to the downside. NZD/JPY hit fresh lows post the BoJ also, falling to 82.50, before edging slightly higher to 82.65 last.
  • There are no major data releases scheduled for today.
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