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Kiwi Extends Losing Streak

NZD

NZD/USD gave away its initial gains on Monday, extending its losing streak to six consecutive days, as risk sentiment turned sour.

  • Equity benchmarks traded in the red, while the VIX index soared to fresh monthly highs, with market mood cautious ahead of the Jackson Hole symposium.
  • Commodities were mixed but the aggregate BCOM Index advanced, possibly shielding the kiwi against deeper losses.
  • NZD/USD implied volatilities pushed higher across the curve, with 1-month tenor printing its best levels this month.
  • The spot rate last deals at $0.6173, a touch higher on the day. Renewed losses past $0.6157, the 76.4% retracement of the Jul - Aug rally, would bring Jul 14 low of $0.6061 into view. Bulls look for a rebound above Aug 12 high of $0.6468.
  • RBNZ Asst Gov Silk noted hat buyers who purchased houses at the peak of the market in 2021 are coping with the increases in mortgage interest costs.
  • Reminder that New Zealand's retail sales and ANZ Consumer Confidence will be published on Thursday and Friday respectively.
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