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NZD/USD Continues To Climb
NZD/USD more than recovered initial losses yesterday, with the greenback's retreat helping the upswing. The dynamic rebound allowed NZD/USD to five consecutive days, setting the pair on course for threatening YtD highs.
- FinMin Robertson appeared on BBG TV this morning, pointing to the ongoing recovery of New Zealand's economy, highlighting a robust outlook and a healthy situation in financial markets. He noted that the RBNZ will "bear all that in mind" while making decisions after March (he reminded that the RBNZ promised to keep the OCR unch. until then).
- The main opposition National Party unveiled its economic plan, which was generally what could be expected from a mainstream conservative group. While backpedalling on their strict debt target proposal, National promised (temporary) tax cuts accompanied by slimmed-down government spending. National leader Collins described the plan as "responsible" and in line with the party's tradition.
- NZD/USD has crept higher still this morning and last trades +12 pips at $0.6768. Sep 2/Jul 19, 2019 highs of $0.6789/91 provide the initial bullish target, followed by the upper 3.0% Bollinger band at $0.6891. Conversely, a break below yesterday's low of $0.6675 would shift focus to Sep 10 low/50-DMA at $0.6639/36.
- Key NZ data releases next week include credit card spending (Monday) and trade balance (Thursday), with the RBNZ due to deliver its monetary policy decision on Wednesday.
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