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Kiwi Loses Altitude On Covid Troubles Across The Tasman

NZD

Both Antipodean/USD crosses sank Thursday amid deepening Covid-19 crisis in Australia, with NZD struggling to remain afloat despite PM Ardern's briefing on the government's plan to reopen the country in 2022. NZD/USD wiped out all of its Wednesday's gains, further pressured by a beat in U.S. PPI, and swung to a weekly loss.

  • A further lift in New Zealand's anticipated inflation, as indicated by the RBNZ's own Survey of Expectations, provided another argument for the MPC to tighten policy. The OIS strip prices 29bp worth of OCR hikes next week (the RBNZ typically moves in 25bp increments), but most of the analysts surveyed by BBG so far look for a 50bp hike.
  • New Zealand's BusinessNZ M'fing PMI comes out at the bottom of the hour, before focus turns to next week's RBNZ MPS.
  • NZD/USD last seen at $0.7004, little changed on the day. A fall through Aug 10 low of $0.6969 would turn focus to $0.6953, which limited losses on Aug 2. On the flip side, a jump above Aug 11 high of $0.7062 would clear the way to Aug 4 high of $0.7089.
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