It is kind of calm as we get into the latter part of the week as the markets are still very much stuck for the time being. The dollar was seen trading more mixed during the day, with EUR/USD settling around 1.0910 within a 30 pips range during the day. The only notable driver was the New Zealand dollar, which was dragged lower by the RBNZ’s poor inflation outlook earlier.
NZD/USD daily chart
This sent NZD/USD down 0.9% to 0.6245 after facing rejection from the April 5 high of 0.6379 earlier this week. Today’s decline also removes the 100-day moving average (red line) and gives sellers some extra room to work, with the 200-day moving average (blue line) only seen at 0.6158 currently.
Elsewhere, USD/JPY rose 0.15% to 134.75 while GBP/USD gained 0.2% to 1.2530 on the day. Sterling saw Q1 GDP data within estimates, so there is not much to change the outlook after yesterday’s BoE decision.
Meanwhile, USD/CHF is down 0.3% to 0.8915 while AUD/USD is down 0.2% to 0.6690 despite seeing stocks hold up on the day so far. European indices are posting modest gains but it looks like they are ending the week they started while S&P 500 futures are up 16 points, or 0.4%, for the time being.