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Kiwi Stabilises After Sharp Sell-Off

NZD

Broad-based greenback purchases weighed on NZD/USD Tuesday, as risk sentiment soured on the back of UK fuel shortage as well as questions surrounding Fed succession and impasse on the Hill re: raising debt ceiling.

  • The main opposition National Party outlined their plans for managing the outbreak of Covid-19, pledging that they would reopen travel once 85% of residents aged 12 and over were vaccinated.
  • Domestic highlights during the remainder of this week include building permits & final ANZ Business Confidence (Thursday) as well as ANZ Consumer Confidence (Friday).
  • NZD/USD last trades at $0.6960, little changed on the day, after printing worst levels in a month on Tuesday. A dip through the 61.8% retracement of the Aug 20 - Sep 3 rally/Tuesday's low at $0.6944/43 would open up the next (76.4%) Fibo level at $0.6891. Bulls look for a rebound above Sep 23 high of $0.7093.
  • NZD/USD 1-week implied vol jumped this morning in the lead-up to next Wednesday's RBNZ MonPol decision, it last sits at 9.90%. The OIS strip prices a ~90% chance of a 25bp hike to the OCR next week.
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