New Zealand dollar holds around US$0.59
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Daily Currency Update
The New Zealand dollar is slightly stronger this morning when valued against the Greenback, currently trading at 0.5914 at time of writing. The Kiwi dollar clings to gains, as ebbing risks of widening Middle East conflict has improved demand for Asian currencies. Overall, the bearish force remains strong, while the bulls begin to give signs of potential recovery, highlighting the start of a possible bullish reversal. On the data front yesterday the Reserve bank of New Zealand released the latest credit card spending report. Seasonally adjusted domestic billings on New Zealand issued cards were $3.9 billion in March-24. Seasonally adjusted total billings in New Zealand were $4.6 billion in March-24, up 0.7 percent from February-24, and up 1.4 percent from March-23. Credit limit utilisation (the ratio of total advances outstanding to total allowable credit limits) decreased from 29.8 percent at the end of February-24 to 29.6 percent at the end of March-24. Looking ahead for the rest of the week and on Wednesday we will see release of the latest Trade Balance figures for the previous month.Key Movers
US equities on Monday opened higher in the early going, but there have been frequent bouts of strength in the latest six-day losing streak that have ultimately been overwhelmed by sellers. In early trading, the index is up 20 points, or 0.45%, which is a tad softer than futures indicated. 10-year US Treasury yields jump to 4.64% as Federal Reserve (Fed) policymakers argue that the current restrictive monetary policy framework is appropriate given strong labor demand and stubbornly higher price pressures. On the data front, the Chicago Fed National Activity Index (CFNAI) rose to +0.15 in March from +0.09 in February. Two of the four broad categories of indicators used to construct the index increased from February and two categories made positive contributions in March. The Chicago Fed's National Activity Index is a monthly indicator designed to gauge overall economic activity and related inflationary pressure. The personal consumption and housing category's contribution to CFNAI was -0.01 in March, down from +0.02 in February, the Chicago Fed said on Monday. Looking ahead for the rest of the week and Federal Reserve officials will begin its blackout period ahead of the May 1 meeting. However, April PMIs and housing data will be released by S&P Global.Expected Ranges
- NZD/USD: 0.5800 - 0.6000 ▲
- NZD/EUR: 0.5450 - 0.5650 ▲
- GBP/NZD: 2.0750 - 2.0950 ▼
- NZD/AUD: 1.0800 - 1.1000 ▲
- NZD/CAD: 0.8000 - 0.8200 ▼