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Kiwi Ignores Trade Data, RBNZ's Harris Explains MPC's Consensual Deliberative Process


NZD ignores the release of local trade data, which showed that firmer imports & exports resulted in trade surplus narrowing to NZ$33mn from NZ$181mn. Exports registered at NZ$5.68b, while imports came in at NZ$5.65bn.

  • Separately, BBG circulated further snips from their Wednesday's interview with RBNZ's Harris. The policymaker revealed that the MPC created in May 2019 has considered taking a vote "the last resort" and therefore has always made policy decisions by consensus. Harris said that the MPC has always reached agreement owing to the "time and staging" of their unique deliberative process, designed to promote consensual decision making. Harris is an external member of the MPC.
  • NZD/USD trades +12 pips at $0.7267, testing yesterday's high. Familiar technical levels remain in play.
  • AUD/NZD sits at NZ$1.0736, little changed on the day, after sinking through a key layer of support Wednesday. Next bearish target is provided by Mar 9 low of NZ$1.0710, followed by Feb 26 low of NZ$1.0640. Bulls look for a rally above Apr 26 high of NZ$1.0802.
  • NZD/JPY trades at Y78.89, 5 pips better off. A move through Mar 18 high of Y79.14 would expose Feb 25 cycle high of Y79.21. Bears keep an eye on the 50-DMA at Y77.61.

Fig. 1: Goods Imports and Exports

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