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NZD/USD rallied Monday as easing inflationary concerns dragged the greenback lower across the board, while the kiwi caught a bid on the back of recovery in BBG Commodity Index. That being said, the prior daily high remained intact.

  • The RBNZ confirmed that the Term Lending Facility will close on Jul 28, after the completion of the final scheduled facility window.
  • New Zealand's Foreign Min Mahuta told the Guardian that exporters should diversify to weather a potential "storm" of anger from China, amid deteriorating Sino-Western relations. The piece noted that China accounts for almost a third of New Zealand's exports.
  • Focus on the data front moves to trade balance (Wednesday) & ANZ Consumer Confidence Friday). In addition, on Wednesday, the RBNZ will deliver the latest MPS.
  • With NZD/USD sitting +6 pips at $0.7216, bulls look for a break above May 18 high of $0.7271, which would open up May 10/Mar 2 highs of $0.7305/07. On the flip side, a move through May 19 low of $0.7152 would draw attention to the 50-DMA/May 13 low at $0.7142/35.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |