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Kiwi Remains Heavy

NZD

NZD/USD extended its losing streak to five days Thursday as post-RBNZ pulse continued to reverberate in thin Thanksgiving trade. More colour around the Reserve Bank's most recent monetary policy decision can be found in our comprehensive review.

  • RBNZ Asst Gov Hawkesby was interviewed by Bloomberg this morning but the official stuck the Reserve Bank's familiar trains of thought. Separately, the RBNZ informed that Gov Orr will speak at the Symposium on Indigenous Economies hosted by the BoC.
  • On a different note, an independent review group appointed by the government released a report pointing to a number of "urgent issues" in New Zealand's Covid-19 response and warned that the country is not prepared to reopen.
  • Thursday's sell-off resulted in another foray below Sep 29/30 lows of $0.6860. The rate last sits at $0.6855, a touch lower on the day. Bearish focus turns to $0.6805, which limited losses on Aug 20. Conversely, bulls need a rebound above the 50-DMA/Nov 18 high at $0.7035/53 to get some reprieve.
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