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NZD Biggest Loser

FOREX

Fed's Bowman was on the wires, saying the economy is still some way from hitting the Fed's goals on jobs and inflation.

  • NZD comes under pressure after the government announces a suite of new measures to tackle the rampant prices gains in property market, including removing tax incentives. NZD dropped below its 100-day moving average for the first time in 2021.
  • AUD slightly lower on the session in sympathy with NZD, but faring better overall, AUD/NZD hits the highest since October.
  • JPY broadly flat, FinMin Aso said there was no plan to immediately increase taxes, meanwhile NHK reported that the Tokyo Metropolitan Gov't is planning to leave the request for early store/restaurant closure in place, despite the recent termination of the state of emergency.
  • The PBOC fixed USD/CNY at 6.5036, around 10 pips below sell side estimates. Offshore yuan is slightly stronger, a piece in China's financial press opined that the PBOC unlikely to tighten policy quickly.
  • GBP remains under pressure as markets weighed up the impact of the EU's threat to impose a ban on vaccine imports to the UK.
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