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Kiwi Pressured By China's Regulatory Steps, Softer Commodity Prices

NZD

China's regulatory crackdown knocked NZD/USD on its head Tuesday, while a decline in BBG Commodity Index rubbed salt into its wound. The rate ticked away from its intraday low of $0.6940 into the WMR fix, but its rebound proved rather anaemic.

  • NZD/USD 1-month implied volatility jumped yesterday, extending gains this morning. It last sits at 9.96%, not too far from the cycle high of 10.36%, printed on Jul 20.
  • Looking ahead, New Zealand's ANZ Business Confidence comes out Thursday, while building permits & ANZ Consumer Confidence are due Friday.
  • With the rate last trading at $0.6959, little changed on the day, bears look for a move through Jul 20 low of $0.6881, a key near-term support. Bulls look for a rally above Jul 26 of $0.7010, which would open up Jul 15 high of $0.7045.
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