Daily Currency Update

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NZD slides further against the USD

NZD - New Zealand Dollar

The NZD continued to trend downwards during Wednesday reaching a daily high of 0.6959 before opening at 0.6962 against the USD this morning. Much of it owing to growing concerns over a stalled global economic recovery due to additional waves of COVID-19 hitting Europe and the reported side effects from vaccines, resulting in a bigger appetite for safer assets such as the USD.

There is macroeconomic news being released by Statistics New Zealand or the RBNZ for the rest of the week, but we may see some movement due to FOMC members scheduled to speak later today.

Key Movers

Federal Reserve Chair, Jerome Powell noted in his talk last night that the US does expect inflation to go up this year, partly due to the economy recovering from COVID-19. While he does expect higher inflation; he advised that it would be transitory and that they would aim to guide it back to 2%.

In Switzerland, the Swiss National Bank is scheduled to release their Monetary Policy Assessment tonight containing the outcomes of their decision on interest rates, comments regarding the country’s economy as well as clues on future rate decisions.

Expected Ranges

NZD/AUD: 0.9095 - 0.9275 ▼

NZD/CAD: 0.8635 - 0.8855 ▼

NZD/EUR: 0.5740 - 0.5990 ▼

GBP/NZD: 1.9305 - 2.0410 ▲

NZD/USD: 0.6810 - 0.7060 ▼