Free Trial

Kiwi Sags On Monday, Awaits Speech From RBNZ Gov Orr

NZD

The kiwi fell behind the rest of the G10 pack Monday, as commodity-tied FX took a hit. Regional Covid-19 angst added pressure to the Antipodean currencies, amid the broadening of lockdown in Sydney and the extension to restrictions in Wellington. Furthermore, PM Ardern suggested that the gov't is considering new tools to tackle the risk of a renewed outbreak of the virus, albeit she didn't point to any drastic measures.

  • Looking ahead, final ANZ Business Confidence will be released on Wednesday, building permits hit the wires on Thursday, with ANZ Consumer Confidence coming up Friday.
  • In addition, RBNZ Gov Orr will speak today on the Reserve Bank's Statement of Intent 2021-24. The SoI will be published at 1400NZST/0300BST, ahead of Orr's speech at 1610NZST/0510BST.
  • The pair last sits at $0.7042, 7 pips higher on the day. Should it manage to reclaim Jun 25 high of $0.7095, bulls would be able to take aim at Jun 15 high of $0.7161. Bears see Jun 18 cycle low of $0.6923 as their initial target.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.