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Kiwi Sinks Under Pressure From Broader Risk Retreat, Comments From RBNZ Gov Orr

NZD

The kiwi goes offered across the board, presumably in reaction to a combination of emerging risk-off flows (e-minis have turned red) and comments from RBNZ Gov Orr.

  • The RBNZ Gov noted that the MPC remains committed to providing prolonged monetary stimulus and will not be changing policy any time soon. As flagged before, Orr is speaking to the Canterbury Chamber of Commerce.
  • The kiwi took a further hit as Orr added that the RBNZ could add stimulus and use negative OCR if needed.
  • On the recent amendment to the RBNZ remit, Orr said that financial stability policies can help to achieve the gov't's housing objectives and the RBNZ will consider settings against types of home lending.
  • NZD/USD trades -44 pips at $0.7329 as we type, narrowing in on Feb 24 low & former breakout point at $0.7315. It bottomed out at $0.7311 upon Orr's mention of negative interest rates. Familiar technical levels remain in play.
  • Implied NZD/USD volatility has extended its rally, 1-month and 1-year tenors both sit at their highest levels since Nov 2020.
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