NZD

NZDUSD stays below its key 200 day MA and 50% retracement target. Sellers stay in play.

• The 200-day moving average and 50% retracement comes between 0.6033 and 0.6035

Reserve Bank of New Zealand Q2 2-year Inflation Expectations 2.3% (prior 2.5%)

• Some encouragement for the RBNZ

New Zealand Food Price Index (April 2024) +0.6% (prior -0.5%)

• More NZ data

New Zealand services PMI for April 47.1 (prior 47.5)

• Lowest since January 2022

2-for-1: A technical look at the AUDUSD and NZDUSD as the USD gets bid

• The two currency pairs are testing support at their respective 100 hour MAs. Can sellers break below the MA level?

Business NZ Manufacturing PMI (April) 48.9 vs. prior 47.1

• Inching higher but still in contraction

AUDUSD and NZDUSD run higher w/the lower dollar. Pairs moving toward the next targets.

• What next for the AUDUSD and NZDUSD as dollar selling intensifies.

OECD says the Reserve Bank of New Zealand has limited space for rate cuts this year

• Organisation for Economic Co-operation and Development's (OECD) annual survey

New Zealand data: ANZ Commodity Price Index for April 2024: +0.5% m/m (prior -1.3%)

• The index tracks the prices of 17 of New Zealand's major commodity exports, including dairy products, meat, wool, forestry products, and seafood.

NZDUSD buyers took their shot above 200 day MA/50% retracement and missed

• The NZDUSD broke above the 50% of the move down from the March high and the 200-day MA at 0.6033 to 0.6040 and failed.

New Zealand Building Permits for March 2024 -0.2% m/m (prior +14.9%)

RBNZ Deputy Governor Hawkesby says higher interest rates means cooling jobs market

• Adds that high inflation is still a key risk

RBNZ press conference imminent - live link

• Reserve Bank of New Zealand Financial Stability Report

New Zealand data: Unemployment rate 4.3% (vs. 4.2% expected, 4.0% prior)

• Q1 2024 employment report from NZ

Reserve Bank of New Zealand - risk of persistent inflation, rates restrictive for longer

• From the RBNZ's Financial Stability Report for May 2024