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Kiwi On Defensive Ahead Of RBNZ MPS

NZD

NZD/USD fell for the second consecutive day on Tuesday as the Antipodeans underperformed all their G10 peers save for safe havens JPY & CHF.

  • The commodity complex provided little in the way of unidirectional impetus, as the aggregate BBG Commodity Index erased its initial uptick.
  • The GDT Price Index fell 2.9% at the latest auction amid a 3.5% decline in whole milk powder.
  • Equity sentiment stayed buoyant in Europe, while the S&P 500 rose and the NASDAQ fell 0.2% apiece. The VIX index edged lower.
  • The RBNZ is widely expected to raise the OCR by another 50bp today. The focus will be on any hints re: the future pace of the Bank's tightening campaign. Our comprehensive preview of the decision is available here.
  • Worth noting that this is an MPS meeting, which means we will get the updated economic forecasts, while Governor Orr will hold a press conference.
  • NZD/USD last trades at $0.6344, little changed on the day. Bears look for losses towards Jul 21 low of $0.6185. Conversely, bulls need a clearance of Aug 12 high of $0.6468 before targeting Jun 3 high of $0.6576.
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