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NZD/USD Remains Heavy

KIWI

NZD/USD was offered yesterday, as a spill-over from AUD weakness stemming from rising bets that the RBA might cut rates in Oct and broader risk aversion applied pressure to the pair. The main event in New Zealand was the RBNZ's Monetary Policy Review, which saw the bank leave policy settings and forward guidance unchanged, while expressing preference for deploying a Funding for Lending Programme by the year-end.

  • New Zealand's trade balance turned into a deficit, matching expectations. Breakdown figures also fell in line with forecasts.
  • The pair has been heavy this morning and has already shed 23 pips, but we haven't seen any notable local headlines crossing. Bears look for a dip through the 100-DMA & psychological support at $0.6500, followed by Aug 20 low of $0.6489. Meanwhile, a return above Sep 9 low of $0.6601 would open up the 50-DMA at $0.6640.
  • Nothing much left on New Zealand's docket during the remainder of this week.
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