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NZD/USD added 18 pips, defying pressure from...>

KIWI
KIWI: NZD/USD added 18 pips, defying pressure from a weaker yuan, as RBNZ Gov
Orr's comments were read as relatively hawkish. The rate sits at $0.6385.
- Speaking with BBG from Jackson Hole, Orr noted that the MPC is in the position
to "wait, watch and observe" and will "assess the situation in Nov" (the next
RBNZ meeting is in Sep). As a result, investors pared RBNZ easing bets; implied
odds of an OCR reduction in Sep fell to ~21% from ~34%, per BBG WIRP tool.
- Those remarks outweighed Orr's pledge to do "whatever it takes" to support NZ
econ & trim the OCR further if needed. Orr also discussed unconventional policy,
reiterating that it's far from the central scenario, given the recent rate cuts.
- His RBNZ colleague Hawkesby noted that NZ central bank & the IMF will host a
conference on inflation targeting next week.
- Little reaction was noted to NZ Q2 retail sales, which slightly undershot exp.
- Bulls continue to target the $0.6400 mark, after the rate topped out just shy
of it. Bears look to the trendline resistance-turned-support, today at $0.6351.
- NZ docket next week features trade balance (Monday), ANZ biz. conf.
(Thursday), as well as ANZ biz. conf. & building approvals (both Friday).
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