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Kiwi Falters Amid Risk-Off Flows

NZD

Risk-off reaction to a powerful round of sanctions against Russia over its invasion of Ukraine applied pressure to NZD/USD in early trade. The rate last changes hands -50 pips at $0.6693, with bears looking to a sell-off past Feb 24 low of $0.6631 towards Feb 14/4 lows of $0.6593/90. Conversely, a rebound above Feb 23 high of $0.6809 would give bulls some reprieve.

  • RBNZ Chief Economist Ha said it was too early to assess the impact of Russia's invasion on Ukraine. He noted there is still work to do on containing inflation and pushing the OCR 100bp past the 2% neutral level is reasonable from a historical point of view. The official reminded that 50bp moves remain on the table, after the Reserve Bank opted for a 25bp hike in a "finely balanced" decision last week.
  • New Zealand's ANZ Business Confidence will hit the wires at the top of the hour. Later this week, focus turns to Corelogic House Prices (Tuesday), building permits & terms of trade (Wednesday) as well as ANZ Consumer Confidence (Friday).
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