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NZ Pre-Election Fiscal Update In Focus

KIWI

NZD/USD pushed higher as the yuan gained sharply, while Chinese activity data beat expectations. The rate ticked away from best levels later on, but remained afloat and finished the day on the front foot.

  • NZ FinMin Robertson told Stuff that he expects the upcoming GDP data to show the largest contraction on record and added that although the wage support scheme has ended, the government's role in stimulating economic recovery is not over.
  • The rate trades flat at $0.6714 as we type. Gains past Sep 2/Jul 19, 2019 highs of $0.6789/91 would give bulls a fresh impetus, opening up the upper 2.0% Bollinger band at $0.6815. Meanwhile, a dip through the 50-DMA at $0.6628 would turn focus to Sep 9 low of $0.6601.
  • New Zealand releases its BoP current account balance shortly, with Pre-Election Economic and Fiscal Update coming up later in the day. New Zealand's GDP comes out on Thursday.
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