Free Trial

NZD/USD last seen at $0.6532, virtually........>

KIWI
KIWI: NZD/USD last seen at $0.6532, virtually unch. on the day. As of yet, the
kiwi has not moved in sync with the broader commodity-tied currency bloc, which
has been pressured by early risk-off flows linked to global trade worries. It is
worth noting that New Zealand is off for a public holiday today.
- J.P.Morgan have revised their RBNZ call and they now expect "a further 25bp
rate cut in August, to our existing forecast for November," which "would take
the OCR down to 1%."
- The topside attention is drawn to Friday's high/21-DMA at $0.6448/49, ahead of
$0.6559, where the rate peaked for two consecutive days of May 27 & 28. Bears
target the $0.6500 mark.
- This comes after NZD/USD finished 20 pips better off Friday, benefiting from
greenback sales ahead of the month-end fix.
- In the absence of local data releases, owing to the aforementioned holiday, NZ
focus turns to China's Caixin m'fing PMI, due at 0245BST.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.