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Kiwi Lags Commodity-Tied G10 FX

NZD

The kiwi dollar lagged its high-beta peers on Monday and only outperformed the yen and Swiss franc amid reduced demand for safe havens. NZD/USD charted a Doji candlestick after failing to challenge the previous trading day's extremes.

  • AUD/NZD advanced in tandem with Australia/New Zealand 2-year swaps spread. The Antipodean cross plumbed its best levels since Jun 16 as a result.
  • Equity benchmarks post-Asia generally managed to stay afloat, even as the NASDAQ registered losses. The VIX index edged higher but shed most gains through the day.
  • Fallout from the commodity space was supportive for the kiwi, with BBG Commodity Index creeping higher.
  • Spot NZD/USD trades at $0.6261, barely changed on the day. Bears look for a retreat towards Jul 14 low of $0.6061, a key near-term support. Bulls need a break above the 50-DMA/Jun 24 & 27 highs of $0.6314/27 before targeting Jun 16 high of $0.6396.
  • Former RBNZ Gov Wheeler co-authored a paper accusing central banks (with veiled references to the Reserve Bank) of fuelling inflation and calling on policymakers to admit their mistakes.
  • Looking ahead, focus turns to ANZ Business Confidence (Thursday) & Consumer Confidence (Friday).
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