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Unchanged v USD, AUD/NZD Softer, NZ Tsy Expects Economy To Avoid Recession

NZD

NZD/USD prints at $0.6245/50 the pair is little changed in todays session.

  • Spillover flow from the AUD in leiu of rising headline unemployment saw NZD briefly pressured before paring gains, recent lows remained intact.
  • The pair marginally firmed as the NZ budget was released. The NZ Treasury now expects the economy to avoid recession, with GDP growth of 3.2% in 2022/23. New Zealand also increased its bond issuance program by $20bn over 4 years.
  • AUD/NZD is ~0.3% lower, on the downside bears target a break of the low from Apr 5 at $1.0588.
  • Cross asset wise; e-minis are down ~0.1% and US Treasury Yields are ~2bps lower across the curve.
  • Looking ahead tomorrow Apr Trade Balance crosses, there is now estimate and the prior read was a $1.273bn deficit.
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