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NZD/USD Fails To Recoup Losses

KIWI

Firmer U.S. equity markets pushed NZD/USD away from worst intraday levels on Thursday, but the rate failed to claw back all of its earlier losses. Little new to underpin the initial downswing, as the Kiwi showed no reaction to a round of dovish yet familiar comments from RBNZ Asst Gov Hawkesby, with sales taking hold only in European hours.

  • NZ government said it will conduct regular Cabinet "check-ins" on Covid-19 alert levels. Stuff reported that it is understood that the government will not tinker with alert levels today.
  • NZD/USD last seen at $0.6535, virtually unchanged on the day. Losses past Thursday's low of $0.6489 would bring Jun 22 low of $0.6377 into view. Conversely, bulls look to take out Aug 19 high of $0.6651, before targeting Aug 7 high of $0.6691.
  • RBNZ Chief Economist Ha and external MPC member Buckle will speak on the August MPS today (it will be live-streamed under this link). Elsewhere, New Zealand reports its credit card spending data.
  • Next week, focus turns to New Zealand's trade figures (Wednesday) and ANZ Consumer Confidence (Friday).
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