Daily Currency Update

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Kiwi ends trading session below 0.700

NZD - New Zealand Dollar

The Kiwi was up and down during yesterday’s trading session reaching a low of 0.6965, to peak at 0.7022 against the USD after crude oil inventory data showed a decline of 876,000 barrels. It opened at 0.6983 this morning.

It is a quiet week ahead for the NZD with no major news being released by the RBNZ or Statistics New Zealand, however we may see some volatility against the USD with the US employment data being released tomorrow night.

Daily Commentary will be on break for the Easter Long Weekend from Friday, April 2nd to Monday, April 5th and will resume Tuesday, April 6th.

Key Movers

US ADP Non-Farm employment data released last night showed an increase of 517,000 jobs from February to March, almost triple the increase from last month’s report of 176,000 jobs. However, while this is positive news for the US economy, it did not reach the expected figure of 552,000.

Earlier this morning US President Biden unveiled a $2 trillion infrastructure plan which will be funded by an increase in corporate taxes. The proposal intends to inject funds into various infrastructure such as transportation, care for the elderly and disabled, improving drinking water, and manufacturing.

The Organisation of Petroleum Exporting Countries (OPEC) are scheduled to meet all day and discuss a range of issues regarding energy markets, and agree on how much oil they will produce. A formal statement covering policy shifts and meeting objectives will be released after the meetings have concluded.

Expected Ranges

NZD/AUD: 0.9095 - 0.9280 ▼

NZD/CAD: 0.8650 - 0.8870 ▼

NZD/EUR: 0.5820 - 0.6050 ▼

GBP/NZD: 1.9360 - 2.0325 ▲

NZD/USD: 0.6840 - 0.7085 ▼