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KIWI: NZD/USD breached its Asia-Pac highs on the back of the FOMC statement on
Weds, as the Fed's removal of the "accommodative" phrase triggered some USD
weakness, in spite of the FOMC implementing the widely exp. 25bp hike.
- The lack of outright hawkishness disappointed USD bulls, but Chair Powell was
quick to play down the removal of "accommodative" from the statement, saying
this does not signal a change in pol. Powell reiterated pol is still
accommodative & noted that overall fin'l conditions remain accommodative. This
saw the NZD/USD move back to unch. levels as the greenback recouped a chunk of
its losses as Powell pointed to a steady hiking cycle.
- Focus now shifts to the RBNZ MonPol decision. As a reminder the last MonPol
decision saw the RBNZ note that "risks remain to our central forecast. The
recent moderation in growth could last longer. Low business confidence can
affect employment and investment decisions."
- NZD/USD last ~$0.6660. Bulls look to $0.6700 which capped the pair on Friday &
Wednesday, with any break opening the 30 August high ($0.6717), while support is
located at the high from Sep 19 ($0.6623).