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Kiwi Dollar Hovers Near Highest Level in 2.5 Years

NZD

NZD/USD remains higher as the Asia-Pac session matures, the pair last at 0.7068, just off session highs of 0.7073. It currently hovers around the highest levels since June 2018.

  • Market participants will look ahead to the speech from RBNZ Governor Orr at 0630GMT/1730AEDT entitled `The Covid pandemic: challenges and opportunities facing central banks'. Orr's recent comments have moved away from speculation that the RBNZ is contemplating negative rates, in a speech last week he said that it would only be used if absolutely necessary.
  • Finance Minister Robertson has also planted the seed that negative rates are off the table, last week he highlighted concerns that record low borrowing rates could result in a house price bubble.
  • A less dovish Orr, coupled with Westpac boosting its forecast for New Zealand cash rate to minus 0.25% next year from minus 0.5% could provide support for NZD/USD. Notably there are NZD1.1bn of calls options rolling off at 0.7068 today.
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