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The re-emergence of Covid-19 in New Zealand and a dovish RBNZ monetary policy announcement pushed NZD/USD below its 50-DMA on Wednesday, but the rate quickly pulled back from worst levels amid reported profit taking in AUD/NZD. However, a recovery in broader risk appetite prompted NZD/USD to stage a dynamic rebound into the WMR fix. Consequently, the rate finished roughly at its opening level, charting a (virtual) Doji candlestick.
- The source of new Covid-19 cases in Auckland remains unknown, while the country has initiated a large-scale testing campaign.
- National Party leader has launched an attack at the government, criticising the decision to raise alert level in Auckland and across the country, and calling for a delay of general election.
- The RBNZ announced this morning that bonds lent through its Bond Lending Facility will be lent at the OCR less 25bp.
- New Zealand's food price inflation accelerated to +1.2% M/M from +0.5% last month.
- NZD/USD sits at $0.6575, marginally below neutral levels. A dip through Wednesday's low of $0.6525 would turn focus to Jul 14 low of $0.6503. Bulls look for a recoil above Aug 11 high of $0.6627, which would bring Aug 7 high of $0.6691.
- BusinessNZ M'fing PMI hits the wires on Friday.