Interest.co.nz on Nostr: NZD top performer, propelled to near 61.5 USc ========== The New Zealand dollar (NZD) ...
NZD top performer, propelled to near 61.5 USc
==========
The New Zealand dollar (NZD) has been the top performer, reaching near 61.5 US cents. The S&P500 closed above 5000 for the first time in history, climbing in 14 of the past 15 weeks. ANZ bank released an OCR revision note, calling for 25 basis point hikes in February and April. The S&P500's strong performance has boosted consumer confidence and supported above-trend economic growth. Despite this, the NZD has underperformed in 2024 due to the strong US economy and concerns about China's economy. However, the NZD saw a week-on-week advance of +1.39%, with most gains occurring on Friday. ANZ's research note revised its projected OCR track, calling for the RBNZ to hike in both February and May to lift the OCR to 6%. The Kiwi leapt back above 61 US cents following the release of the note. The NZDUSD ended the week near 0.6150. The Kiwi also gained against other majors, including the JPY, AUD, EUR, GBP, and CAD. The NZDJPY broke to the upside, reaching fresh 8½ year highs. The next key hurdle for the pair is the April 2015 high near 92.40. The main events to watch in the upcoming week include US CPI for January, UK labor market, CPI, and GDP data, and GDP for Japan and Aussie jobs numbers. The NZD bears are unwilling to explore levels closer to 60 US cents, and if the Kiwi can reclaim territory north of 0.62, it may signal the end of the dollar's early year dominance. However, the dollar is likely to remain supported on the US exceptionalism trade, so a higher range between 0.6100 and 0.6250 is expected for NZDUSD.
#Nzd #S&p500 #AnzBank #OcrRevision #EconomicGrowth
https://www.interest.co.nz/currencies/126322/sp500-closes-above-5000-first-time-climbing-14-past-15-weeks-anz-bank-releases
==========
The New Zealand dollar (NZD) has been the top performer, reaching near 61.5 US cents. The S&P500 closed above 5000 for the first time in history, climbing in 14 of the past 15 weeks. ANZ bank released an OCR revision note, calling for 25 basis point hikes in February and April. The S&P500's strong performance has boosted consumer confidence and supported above-trend economic growth. Despite this, the NZD has underperformed in 2024 due to the strong US economy and concerns about China's economy. However, the NZD saw a week-on-week advance of +1.39%, with most gains occurring on Friday. ANZ's research note revised its projected OCR track, calling for the RBNZ to hike in both February and May to lift the OCR to 6%. The Kiwi leapt back above 61 US cents following the release of the note. The NZDUSD ended the week near 0.6150. The Kiwi also gained against other majors, including the JPY, AUD, EUR, GBP, and CAD. The NZDJPY broke to the upside, reaching fresh 8½ year highs. The next key hurdle for the pair is the April 2015 high near 92.40. The main events to watch in the upcoming week include US CPI for January, UK labor market, CPI, and GDP data, and GDP for Japan and Aussie jobs numbers. The NZD bears are unwilling to explore levels closer to 60 US cents, and if the Kiwi can reclaim territory north of 0.62, it may signal the end of the dollar's early year dominance. However, the dollar is likely to remain supported on the US exceptionalism trade, so a higher range between 0.6100 and 0.6250 is expected for NZDUSD.
#Nzd #S&p500 #AnzBank #OcrRevision #EconomicGrowth
https://www.interest.co.nz/currencies/126322/sp500-closes-above-5000-first-time-climbing-14-past-15-weeks-anz-bank-releases