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Underperforms, AUD/NZD Recovers, Building Permits Out

NZD

The NZD underperformed in the G10 space through Wednesday's session. NZD/USD tracks in the 0.6220/25 region in early Thursday trade, having lost nearly 0.30% for Wednesday's session. Lows were at 0.6216 late in NY trade. The pair remains within ranges, with last Friday's low near 0.6180 still comfortably intact.

  • The broad BBDXY was close to unchanged for Wednesday's session (last 1225.90), although that masked significant yen weakness, while the rest of the G10 firmed modestly against the USD.
  • New York Fed President John Williams said he expects the central bank to keep a restrictive stance for some time and to begin rate cuts only when confident inflation is moving toward 2%, which applied pressure in the rates, equity space.
  • US 10yr yield rose to 4.03%. Equity sentiment still finished positive, (SPX +0.57%), albiet off best levels.
  • AUD/NZD spent most of the session tracking higher, the pair last near 1.0765/70, reversing Tuesday session weakness. This may have weighed on NZD/USD at the margins.
  • On the data front today we have Nov building approval permits due shortly. CoreLogic NZ note that NZ building costs rose 2.4% y/y in Dec, the smallest rise since 2016 (see this BBG link).
  • QIC (an Australia investment firm) is also considering selling its stake in NZ power utility (see this BBG link). No final decision has been made though.
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