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Kiwi Retreats On Broader Risk-Off Impetus, RBNZ Expected To Hike OCR Weds

NZD

Plenty of risk-off catalysts applied pressure to NZD/USD as G10 commodity-tied FX underperformed. The escalating geopolitical turmoil in Afghanistan, underwhelming Chinese activity data and continued spread of the Delta coronavirus variant weighed on risk appetite.

  • New Zealand's Q2 PPI data will be released tomorrow, before the RBNZ deliver their monetary policy decision on Wednesday. Friday will see the release of credit card spending data.
  • Interest.co.nz reported that ANZ have increased their fixed home loan mortgage rates across the board, effective today, apparently front-running the RBNZ.
  • The OIS strip prices ~30bp worth of policy tightening come the end of this week's RBNZ meeting.
  • NZD/USD sits at $0.7022 as we type, just above neutral levels. Bears look for a resumption of losses and a slide past Aug 10 low of $0.6969 would clear the way to Aug 2 low of $0.6953. Bulls would be pleased by a jump above Aug 11 high of $0.7062, which would encourage them to target Aug 4 high of $0.7089.
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