Free Trial

Orr's Comments Insulate NZD/USD Against Greenback Appreciation

KIWI

NZD/USD picked up a bid in Wednesday's Asia-Pac session after RBNZ Gov Orr said that he wasn't concerned about the exchange rate, which behaves in line with expectations. These comments pushed NZD/USD to its best level since Jul 2019, before the pair backed off highs amid broad-based demand for the greenback. That being said, Orr's comments seemingly saved the rate from a deeper sell-off, allowing it to finish in positive territory and extend its current winning streak to seven consecutive days.

  • NZD/USD has ground lower this morning and last sits at $0.6766, 6 pips worse off. A fall below Jul 31 high of $0.6716 would clear the way to the 50-DMA at $0.6596. On the flip side, a jump above Wednesday's/Jul 19, 2019 highs of $0.6789/91 would reinforce the bullish case, exposing the upper 3.0% 10-DMA envelope at $0.6865.
  • The main point of note on NZ docket for the remainder of this week is quarterly construction put in place, due tomorrow.

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.