NZD/USD rallies 0.6950 area, hits its highest since late November amid risk-on flows By Frank_Macro NZDUSD RBNZ Fed RiskAppetite
round figure, the pair is trading with gains of just shy of 1.0% on the session and is up more than 1.2% versus Asia Pacific session lows in the 0.6860s. Indeed, the kiwi is the best performing G10 currency on the day by a reasonably significant margin, despite a weakening in Consumer Sentiment in Q1 2022 versus Q4 2021 according to the latest release by Westpac.
The kiwi’s impressive rally on Tuesday comes amid strong risk appetite and a broad push higher in the global equity space – conditions typically good for the likes of NZD and AUD. But the kiwi are also benefitting from their relative distance to the Ukrainian conflict versus, say, the likes of NOK, SEK and other more risk-sensitive European currencies.
The kiwi also has the added tailwind of one of the most hawkish central banks in the G10 in the RBNZ. The RBNZ is already well ahead of the Fed in the current hiking cycle and things are expected to stay that way with the bank likely to lift interest rates in 50bps intervals at coming meetings. That might explain why the kiwi has been able to rebuff post-hawkish Fed USD strength better than most of its other G10 peers.
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