“Economy expected to be robust in the near term,” said New Zealand Finance Minister Grant Robertson presents the annual budget. The office also expects “a budget deficit of NZ$18.978 billion for the fiscal year ending June 30, narrower than a deficit of NZ$20.844 billion forecast in its half-year fiscal update in December,” per Reuters. The update also expect Operating Balance Before Gains, Losses to return to surplus in 2024-25.
Amid these plays, US 10-year Treasury yields regain the 2.90% level after declining 11 basis points to 2.88% the previous day. Even so, the S&P 500 Futures drop 0.50% and theMoving on, NZD/USD traders will pay attention to the risk catalyst and second-tier housing/activity numbers from the US for fresh impulse. Overall, the bears are likely to keep the reins.NZD/USD pair’s inability to cross one-week-old horizontal resistance near 0.
Alternatively, bears remain directed towards the area comprising the monthly low, also the lowest levels since 2020, around 0.6225-15.
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