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NZD Firms Up In Asia After Wavering On RBNZ Comments & Risk-On Impetus

KIWI

NZD/USD swung both ways on Thursday, as firmer risk appetite allowed the rate to recoup losses registered on the back of dovish RBNZ comments. It struggled to hold onto gains and slid into the WMR fix, but then crept higher again, finishing just shy of neutral levels.

  • The latest 1 News/Colmar Brunton put support for the Labour Party at 47% (unch.), with National trailing at 32% (-1pp). According to the poll, Labour would need to team up with Greens to form a government. The election day is more than a week away, but almost 500,000 New Zealanders have already cast their ballots in advance voting.
  • ANZ Truckometer Heavy Index rose 4.1% M/M, with accompanying commentary noting that the economy has regained momentum.
  • The rate has been in demand from the off and last deals +11 pips at $0.6588. A break above the $0.6654-58 zone, which limited gains earlier this month, would open up Sep 18 high of $0.6798. Downside focus falls on the 100-DMA/Oct 8 low at $0.6559/47 and a break here would expose Sep 24 low of $0.6512.
  • Next week, NZ focus turns to card spending & food price index (Tuesday), as well as BusinessNZ M'fing PMI (Friday).
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