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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessDefensive Flows Negate Early Demand For NZD
Lack of any notable news flow kept focus on the global Covid-19 situation and China's tensions with Australia & the U.S., inspiring a degree of risk aversion. Safe havens gradually garnered strength and JPY climbed to the top the G10 scoreboard, building on an earlier round of purchases into the Tokyo fix.
- Risk-off flows undermined NZD, which had picked up a bid after BBG published an interview with RBNZ Asst Gov Hawkesby, who downplayed the need for deploying negative interest rates if banks make use of the new FLP facility, although stressed that it remains an option. He added that "less stimulus is required than we thought in August", but also pushed back against that the central bank's most recent decision was a surprise, attributing market reaction to sell-side analysts changing their calls. NZD/USD swung to a loss after printing a fresh 20-month high, while AUD/NZD backed off a 7-month low.
- Coming up today, we have UK quarterly GDP & monthly economic activity indicators, U.S. initial jobless claims, EZ industrial output as well as U.S., Swedish & German CPIs. Speeches are due from Fed's Powell & Evans, BoE's Bailey & Cunliffe, ECB's Lagarde & de Guindos, BoC's Wilkins & Riksbank's Breman.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.