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NZD Sold at Fastest Pace Since March as Ardern Cracks Down

FOREX
  • NZD has slipped aggressively against all others, with markets swiftly paring rate hike expectations as New Zealand re-enters lockdown.
  • The NZ authorities have detected the first case of community-transmitted COVID-19, prompting a 3-day nationwide lockdown (and a 7-day lockdown in Auckland and surrounding areas), a move that's prompted a number of sell-side analysts to revise their calls for a 25bps rate hike from the RBNZ this week.
  • NZD/USD fell at the fastest rate since March to put the pair in close proximity to the late July lows of 0.6902, sitting ahead of the key support and bear trigger at 0.6881.
  • GBP/NZD has also narrowed in on some key levels, with the psychological 2.00 handle in view as well as the bull trigger at 2.0069 (late July high). If topped, the cross would trade at the highest levels since August 2020, with 2.0272 the next upside level.
  • AUD is lower in sympathy, while haven currencies including JPY, CHF and USD are firmer.
  • Advance US retail sales and industrial production are the data highlights, while Fed's Kashkari speak on the economy. Powell is scheduled to appear at an event with educators, but it's unclear whether he'll comment on policy.
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