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Kiwi Remains Atop G10 Pile Amid RBNZ Repricing

NZD

The kiwi remains buoyant following the aforementioned release of a strong NZIER QSBO, as well as a revision to the RBNZ view of ASB, who now expect the next OCR hike in November.

  • NZD/USD failed to penetrate the 200-DMA, which intersects at $0.7065. The rate last trades +30 pips at $0.7057 and a breach of that moving average would shift focus to Jun 25 high of $0.7095.
  • AUD/NZD has shed 30 pips so far and last trades at NZ$1.0689, after bottoming out at NZ$1.0681, the lowest point since Jun 2. The 61.8% retracement of the May 27 - Jun 18 rally at NZ$1.0682 provided support and a break here would bring the next (76.4%) Fibo level at NZ$1.0651 into play.
  • NZD/JPY has added 31 pips and last changes hands at Y78.26. A move through Jun 25 high/50-DMA at Y78.48/78.51 would encourage bulls to set their sights on the Y79.00 mark.
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