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NZD Recovers Early Losses

KIWI

NZD/USD was off to a softer start, as Antipodean FX reacted to the aforementioned dip in the yuan. The rate has edged towards neutral levels and last deals at $0.6665, virtually unchanged on the day.

  • PM Ardern gave an interview to Newstalk ZB, refusing to speculate on the unlikely event of Labour's defeat in this week's general election and noting that her party would not adopt the Green Party's wealth tax. She stressed that even if Labour enters coalition with a minor partner, it would use its status as the major partner to drive policy, especially tax proposals.
  • Bulls look for a move through the $0.6700 figure before targeting $0.6798, which represents the high of Sep 18 & best level since Apr 2019. Bears look for a dip through Oct 8 low of $0.6547 before taking aim at Sep 24 low of CNH0.6512.
  • NZ card spending & food price index are due tomorrow, while BusinessNZ M'fing PMI hits the wires on Friday.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

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