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Kiwi Remains Heavy

NZD

NZD/USD wiped out its initial losses, as it dipped into the WMR fix on the back of a dynamic recovery in the USD. The downswing took the rate back below the $0.7200 mark.

  • Immigration Min Faafoi said that New Zealand will extend visas for around 10,000 workers for another six months amid ongoing labour shortages.
  • Elsewhere, the gov't has granted a license to Catalist Markets Ltd, a new stock exchange for SMEs. Catalist will ring the opening bell for the first time on Jun 21.
  • BNZ and ANZ both revised their Q1 GDP projections on Wednesday, with BNZ economist Craig Ebert noting that "we struggle to see how first-quarter GDP can drop". The data is due next Thursday.
  • Stats NZ will publish May card spending data shortly. On Friday, focus moves to the latest BusinessNZ M'fing PMI.
  • NZD/USD last sits at $0.7172, 8 pips worse off. A breach of Jun 3 low of $0.7126 would open up May 4 low of $0.7116. Bulls need a jump above Jun 7 high of $0.7243, before targeting Jun 1 high of $0.7288.
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