Currently, NZD/USD is trading at 0.7235, up 0.05% on the day, having posted a daily high at 0.7269 and low at 0.7220.
NZD/USD's post GDT price index rally was short-lived and 0.7248 was faded back to 0.7229 post data low on next hourly stick. The data was a miss vs the prior +0.6
arriving at -0.8%. The focus, however, stays with the greenback that is making further ground back today with a high of 97.86 and despite yields ebbing to the downside with a low of 2.1617% in the 10-years so far.
NZD/JPY the one to trade over RBNZ?
Meanwhile, there is even more focus on the RBNZ ahead of their meeting tonight. Kit Juckes, an economist at Societe Generale explained that none of the 14 brave souls who forecast RBNZ for Bloomberg's poll expects a rate hike until next year, "...so today's NZD rally may not have much further to go, but it would only take a hint of a turn in the direction of policy to underpin NZD/JPY."We'll get the announcement at 10pm BST, 7pm Eastern."
NZD/USD is consolidating and a constructive pattern is emerging with the recent resurgence in the greenback, capping attempts to the upside with lower highs on the hourly sticks. In the background, we also have that recent GDP miss that continues to anchor the bird below the 0.73 handle. The bird managed a score through the 0.7250 mark o/n but fell shy of the key level of 0.7280 upside target and only managed a high of 0.7267 (NZ consumer confidence data was positive). To the downside, 0.7220 guards 0.7145 and a break back below 0.7080/90 are key near-term downside areas. On the wide, the 0.7375 YTD highs are a key target to the upside and to the downside, a break below 0.7080/00 opens 0.6970.
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