NZD/USD holds up at hourly resistance as markets await outcome of NATO summit

• NZD/USD bears are holding the fort as correction decelerates with a focus on the Ukraine crisis. 
• US president Biden will hold a NATO summit at 9am Washington time. 

NZD/USD is being pressured following a stunning correction on Wall Street whereby prices rallied in risk-FX amid a more optimistic outlook from US stock investors over the Russian invasion of Ukraine.  At the time of writing, the kiwi is flat near 0.6697, pressed up against hourly resistance in a decelerating correction as Kyiv and other critical parts of Ukraine faces a bombardment of bombing by Russian forces.  

There is little to report on the domestic front other than Retail Sales that arrived at 8.6% for the fourth quarter that beat expectations of -2.7% but this was not paid attention to considering the high stakes nature of global events. RBNZ Governor Orr spoke, saying “we’re particularly concerned about inflation expectations,” adding that they will ''keep the possibility of moving rates quicker if necessary.” However, this sentiment has well and truly been absorbed by the market already. The focus is on Ukraine. 

The missiles rain down

The latest is more bombing overnight by Russia and 60,000 Russian troops are reported to have now invaded Ukraine. The US President Joe Biden will be meeting with allies and the NATO heads of state and government in an extraordinary virtual summit to discuss the security situation in and around Ukraine, the White House reports. This virtual summit from the situation room will be closed press, taking place at 09:00hrs, Washington.