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NZD ignored comments from RBNZ Gov. Orr who....>

KIWI: NZD ignored comments from RBNZ Gov. Orr who stressed that the NZ "economic
outlook is not that bad," citing terms of trade, a supportive NZD & low interest
rates. As a reminder the RBNZ has struck a more balanced tone since Orr took the
helm, opening up downside risk to the OCR. Markets are pricing ~12bp of easing
by the end of August 2019, a near 50/50 chance of a cut, as a result of the
rhetoric employed under Orr during his tenure.
- The NZD softened a touch after NZ's minister for broadcasting, Clare Curran,
resigned, owing to questions surrounding the use of her personal email,
registering a low of $0.6566.
- NZD/USD last trades at $0.6580, with support noted at the YtD low ($0.6530),
while resistance comes in at Monday's high ($0.6624).
- Q2 manufacturing activity data provides the highlight of the NZ docket over
the next week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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