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To Fresh YTD Lows, As Commodity FX Falls

NZD

NZD/USD was the weakest performer in Monday G10 trade, the pair down around 0.60%. We track around 0.6075 in early Tuesday trade, having trended down through Monday NY trade from the 0.6120/25 region. This is fresh lows in the pair back to late Nov last year.

  • Commodity FX generally faltered in Monday trade, with the AUD, CAD and NOK the next 3 worst performers in the G10 space. The aggregate Bloomberg commodity price index was close to flat, the metals index finished down slightly.
  • The broader BBDXY firmed to 1236.75, but remains within recent ranges. US yields maintained a flattening theme, although March Fed rate expectations drop to the lowest level since the Dec FOMC.
  • Equity sentiment was mostly positive, but this did little to aid crosses like NZD/JPY, with the pair falling back sub 90.00.
  • Coming up shortly is the PSI for Dec, the prior read was 51.2. The RBNZ has also started consultation on activating debt to income (DTI) restrictions and loosening loan to value ratios (LVR) for residential lending (see this link for more details).
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