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Kiwi jumped about 40 pips on the release of better than expected quarterly inflation report. CPI (YoY) rose above RBNZ target band mid-point (2.0%) for the first time in five years. The bank previously warned that a rise in inflation could be temporary.
The pair is trading near the bottom of the two-year channel. Shorter-term, it looks solid in the upper part of the 0.69 - 0.71 range, which may be extended to the upside in the weeks ahead. 0.7130 (February lows, 200 DMA) looks like a strong resistance. 0.70 is the initial support.
The pair is trading near the bottom of the two-year channel. Shorter-term, it looks solid in the upper part of the 0.69 - 0.71 range, which may be extended to the upside in the weeks ahead. 0.7130 (February lows, 200 DMA) looks like a strong resistance. 0.70 is the initial support.
