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Kiwi Dips, Then Swings To Gain

NZD

NZD crosses swung both ways in the wake of the RBNZ's monetary policy decision, pushing higher eventually. As expected, the central bank left the OCR & LSAP settings unchanged and said it will deploy a Funding for Lending Programme in December. The Bank took note of the relative resilience of domestic economy, but continued to flag downside risks and poured cold water on vaccine enthusiasm.

  • NZD/USD trades +29 pips at $0.6860, peeking above YtD highs. Bulls look for a rally towards the $0.6939-42, which limited gains in 1Q2019.
  • AUD/NZD last seen -32 pips at NZ$1.0631 after crossing below its 200-DMA. The low print of Oct 30 at NZ$1.0595 draws bearish attention now.
  • NZD/JPY last sits +22 pips at Y72.15, printing fresh multi-month highs. Bulls look for further gains past Jan 16 high of Y73.35.
  • Focus moves to the press conference with RBNZ Gov Orr at the top of the hour.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

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