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The RBNZ monetary policy decision knocked the NZD on its head, as policymakers left the OCR unchanged, while expanding the LSAP programme to NZ$100bn and extending it until Jun 2022. Most analysts expected no change to the size of LSAP or a more modest uptick, but it the re-emergence of Covid-19 on the shores of New Zealand may have influenced the MPC's decision. The RBNZ said that it is actively preparing a range of monetary policy tools, including a negative OCR and foreign asset purchases.
- NZD/USD sank through its 50-DMA to print a one-month low, but now trades off worst levels. With the rate sitting -26 pips at $0.6551, bears look for further losses past $0.6532-28, which limited losses on Jul 15-20, towards Jul 14 low of $0.6503, a key near-term support.
- AUD/NZD trades +16 pips at NZ$1.0877 after pulling back from the reaction high, which was also the new YtD peak. Bulls look to take out the upper 3.0% Bollinger band at NZ$1.0962.
- NZD/JPY trades -18 pips at Y69.87 as we type. Bears look for a dip through Jul 30 low of Y69.55 before targeting the 200-DMA at Y68.85.