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NZD benefitted from the uptick in the latest...>

KIWI
KIWI: NZD benefitted from the uptick in the latest ANZ Business Confidence
survey, allowing NZD/USD to print a session high of $0.6686, while AUD/NZD
registered a session low of NZ$1.0860, the rates last deal at $0.6675 &
NZ$1.0895 respectively.
- It is worth noting that the headline confidence metric remains deep in
negative territory, with the investment intentions component of the survey
sliding further into negative territory. This should mean that the RBNZ
re-deploys the forward guidance it has used since Governor Orr took the helm
i.e. "the direction of our next OCR move could be up or down," when it issues it
latest monetary policy decision tomorrow, in spite of the stronger than exp.
NZQ2 GDP data (all of those surveyed expect the RBNZ to leave its cash rate
unchanged).
- NZD bulls look to $0.6700 which capped the pair on Friday, while AUD/NZD bears
look to support at NZ$1.0835.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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