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KIWI: NZD/USD was hammered by RBNZ action at the open, plunging past $0.6000 to
a new 11-year low in early trade. However, the rate has then recovered somewhat
as U.S. FOMC cut its policy rate by 100bp, bringing it close to zero, and said
it will increase its bond holdings by a combined $700bn, among others.
- The RBNZ earlier trimmed the OCR by 75bp to 0.25% and promised to keep it
there for at least 12 months. They also said that launching QE would be
preferred to further OCR reductions, should the need of further easing arise.
The emergency meeting was in lieu of the one slated for this month.
- NZIER published their quarterly survey of economists and now predict NZ GDP
growth to avg at +1.9% Y/Y in 2019-20 vs. prev. forecast of +2.2%.
- After some wild gyrations, NZD/USD trades -79 pips at $0.6055. Bears look for
a drop below the lower 3.0% Bollinger band at $0.6017, towards the earlier
multi-year low of $0.5944. Bulls keep an eye on Friday's peak at $0.6209.
- NZ docket this week features Westpac Consumer Confidence (Tuesday), BoP
Current A/c Balance (Wednesday), Q4 GDP (Thursday) & card spending (Friday).
There's a GDT auction coming up on Tuesday.