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KIWI: NZD/USD sits at $0.6404, marginally shy of neutral levels, in the lead-up
to the RBNZ monetary policy decision. The MPC is widely expected to leave the
OCR unchanged. Our preview can be accessed at http://tiny.cc/RBNZFeb2020.
- Risk-on mood lent some support to the kiwi on Tuesday, but most of the gains
registered by NZD/USD was driven by a sell-off in the greenback, which faltered
as Fed Chair Powell highlighted economic risks from the spreading coronavirus.
- A break above the 100-DMA/mid-point of the Oct 1 - Dec 31 rally at $0.6477/80
would expose the 200-DMA at $0.6501. Bears look for a dip under $0.6378, a
three-month low printed yesterday. A break here would open the 76.4% retracement
of aforementioned rally, located at $0.6334.
- RBNZ Gov Orr's post-MonPol press conference may somewhat overshadow a speech
from PM Ardern, scheduled for the same time. Ardern will outline government
policy plans to lawmakers as parliament resumes.
- FinMin Robertson testified to a parliamentary committee earlier this morning,
reiterating that Q1 GDP will be affected by the Wuhan virus.
- On the data front, BusinessNZ M'fing PMI & food price index are due Friday.