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NZD Advances As NZ FinMin Tips Hat To Economic Rebound


A rally in the kiwi can be linked to NZ FinMin Robertson's comments for BBG, in which he expressed optimism about the dynamics of New Zealand's economic recovery and said that the RBNZ will have to take it into consideration when it considers its decisions after March 2021. At the same time, Robertson reminded that the central bank committed to keep the OCR unchanged until then. A lack of notable headline flow helped keep turn focus to Robertson's interview. NZD/USD narrowed in on its YtD highs and trades just a handful of pips shy of there as we type.

  • AUD firmed up alongside its Antipodean cousin, while JPY softened a tad. GBP was the worst G10 performer, as regional players digested dovish BoE communique, looking through EU Commission Pres von der Leyen's optimistic comments re: UK-EU trade talks.
  • Spot USD/KRW caught up with yesterday's greenback sales, plunging to its worst levels since January. IDR was the second best performer in Asia, following Bank Indonesia's stand-pat MonPol decision, with Gov Warjiyo pointing to Indonesian FinMin's/President's past comments affirming BI's independence.
  • Focus turns to U.S. current account balance and flash U. of Mich. Survey, UK and Canadian retail sales and comments from ECB's de Cos, de Guindos and Schnabel as well as Fed's Bullard, Bostic and Kashkari.

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