NZD Pushes Higher After Hawkesby's Remarks

NZD remains the top G10 performer after a round of comments from RBNZ Asst Gov Hawkesby, who reaffirmed the message delivered by yesterday's MPS. Hawkesby noted that negative interest rates are less likely if banks use cheap loans under the new FLP facility, adding that "less stimulus is required than we thought in August" (as suggested by the lift in the Bank's unconstrained OCR track). Although Hawkesby's comments offered no new insights, they may have provided some further clarity on the RBNZ's messaging. NZD/USD has not yet tested yesterday's 19-month highs, but AUD/NZD took out a key support and sank to its worst levels since Apr 22.

• Elsewhere, price action across G10 FX space has been fairly subdued. In Asia, USD/CNH has slipped as we await today's PBoC fix.
• Coming up today, we have UK quarterly GDP & monthly economic activity indicators, U.S. initial jobless claims, EZ industrial output as well as U.S., Swedish & German CPIs. Speeches are due from BoJ's Adachi, Fed's Powell & Evans, BoE's Bailey & Cunliffe, ECB's Lagarde & de Guindos, BoC's Wilkins & Riksbank's Breman.