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Kiwi Rangebound After RBNZ-Dominated Week

NZD

NZD/USD trades flat at $0.7000 after the kiwi finished last week among the best G10 performers, second only to the yen. The Antipodean currency drew support last week from aggressive hawkish RBNZ repricing. NZD/USD has held a tight range this morning, as local news flow from over the weekend was rather lacklustre.

  • Ex-snr RBNZ economist & current chief economist at ANZ Sharon Zollner told MNI that the Reserve Bank will likely deliver 50bp worth of OCR hikes this year, raising the benchmark policy rate further to 1.75% by the end of 2022.
  • New Zealand's PSI comes out at the bottom of the hour. Later this week, focus turns to credit card spending, due Wednesday.
  • Bulls need a clearance of Jul 15 high of $0.7045 before targeting $0.7061, which capped gains on Jul 7. Above there opens Jul 6 high of $0.7105. Conversely, losses past Jul 13 low of $0.6917 would lend support to the bearish case.
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