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Wavering

NZD

NZD/USD held a 38 pip range Tuesday, struggling for a clear direction. The rate wavered through the day, finishing just a handful of pips shy of neutral levels.

  • Commerce & Cons Affairs Min Clark said New Zealand will cap merchant service fees at 0.8%, bringing them in line with Australia's. The move is expected to benefit smaller retailers and those relying on credit/online sales.
  • Public Service Min Hipkins agreed to review the controversial pay freeze for higher-earners in the public sector in late-2022 rather than in mid-2023, as initially planned.
  • New Zealand's food price index comes out tomorrow, with BusinessNZ M'fing PMI due Friday.
  • NZD/USD last sits at $0.7269, just shy of Tuesday's close. A break below May 4 low of $0.7116 would support the bearish case, while bulls look for a jump above May 10/Mar 2 highs of $0.7305/07 towards Feb 25 cycle high of $0.7465.
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