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- NZD/USD bulls take control falling just shy of 0.6250 psychological level
NZD/USD bulls take control falling just shy of 0.6250 psychological level
- NZD/USD bulls are in charge still in risk-on markets.
- Mixed fundamentals are in focus between the US Dollar and Kiwi.
NZD/USD is 0.2% higher in Tokyo after moving up from a low of 0.6228 to a high of 0.6245 in the session so far. The pair has tracked equities higher and has been supported by firmer commodities in the wake of a softer US dollar and risk-on sentiment.
Central bank divergence themes are in play and as analysts at ANZ Bank noted, ''a surging EUR in the wake of last night’s ECB hike (which was accompanied by a hawkish tone and plans to end QE in July) also helped.''
''If evidence is needed to show that the USD is doing all the grooving, one only needs to look at how in-step AUD and EUR were overnight,'' the analysts added.
''The fall in first quarter Gross Domestic Product now means New Zealand carries the recession label; we see that as a downside risk to NZD sentiment even though the recession is technical and can be partly explained by one-offs. We also worry about the current account, going the other way, the USD has some unwinding of its own to do. Tricky,'' the analysts concluded.
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