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Choppy week for the Kiwi dollar, arguably ending net lower after traders were unable to hold onto gains sparked by better-than-expected New Zealand jobs data.

Overlay of NZD Pairs: 1-Hour Forex Chart
Overlay of NZD Pairs: 1-Hour Forex Chart
NZD Weekly Performance from MarketMilk
NZD Weekly Performance from MarketMilk

New Zealand Headlines and Economic data


Fonterra lifts forecast NZ farmgate price as Global Dairy Auction records another rise – “Global Dairy Trade prices have rebounded spectacularly in the past few months, recording a sixth consecutive rise…. The GDT index was up 1.8 per cent, led by a 10.7pc increase in the buttermilk powder price and a 6.2pc increase in the butter price.”


New Zealand jobs surprise rules out rate cuts, tightening could be back sooner – this was highly likely the catalyst for the Kiwi’s spike higher early in the Asia trading session.

New Zealand approves COVID-19 vaccine, warns against nationalism – “Prime Minister Jacinda Ardern said she still expected supplies of the Pfizer-BioNTech product to arrive in the country by end-March, but expressed concern at any attempt to limit exports.”


New Zealand preliminary business confidence index up from 9.4 to 11.8 – “Inflation expectations lifted from 1.65% to 1.78%, another step closer to the 2% RBNZ CPI target midpoint.”


No major data or catalysts from New Zealand on Friday, but we did see a broad move higher in the Kiwi, likely due to positive global risk sentiment. Traders were bullish on risk on Friday after the U.S. Senate voted to progress Biden’s $1.9 trillion COVID-19 stimulus plan.