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RBNZ Governor Orr Scheduled To Speak At 1840GMT / 0740 Local

NEW ZEALAND
  • Worth highlighting that in roughly forty minutes, RBNZ Governor Orr is due to deliver a speech titled "The Monetary Policy Remit and 2% Inflation" at the New Zealand Economics Forum, in Hamilton. The speech is expected to discuss the changing drivers of inflation over the past couple of years and the shift from transitory to more stubborn underlying inflation.
  • NZDUSD has spent the past couple of sessions rising, alongside the softer greenback. However, the pair remains around 0.75% lower on the week following multiple factors weighing on the local currency. Weakness stemmed from RBNZ’s Q1 inflation expectations easing further and the 2-year ahead measure reaching the mid-point of the target band at 2.5% down from 2.8% in Q4. The 1-year ahead now sits close to the top of the band at 3.2% down from 3.6%, potentially making any further RBNZ tightening unlikely. Kiwi losses were then exacerbated by the hot US CPI.
  • For NZDUSD, the 50-day EMA resides at 0.6131 and remains the nearest technical resistance for the pair. The year’s lows at 0.6038 will be the initial focus for bears. For AUDNZD, the firm move back above 1.0600 on Monday continues to underpin its pivotal significance and will remain the focus for the cross.
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