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RBNZ Reiterates Openness To Negative Interest Rates

KIWI

NZD/USD deals -8 pips at $0.6713 as we type, with domestic focus falling on Sunday's Stuff op-ed by RBNZ Gov Orr. New Zealand's central bank chief reiterated that it is "actively preparing a package of additional monetary policy tools to support the economy if required" and these tools include negative interest rates and direct funding to banks.

  • For anyone interested in the matter: NZ political leaders are back on the campaign trail as the Oct 17 election day looms.
  • A dip through Sep 4 low of $0.6668 would allow bears to take aim at the 50-DMA, which intersects at $0.6606. Conversely, a rally past Sep 2/Jul 19, 2019 highs of $0.6789/91 would give bulls some fresh impetus.
  • Focus in New Zealand turns to Q2 manufacturing activity & ANZ Business Confidence (Wednesday), card spending (Thursday), as well as BusinessNZ Manufacturing PMI & food price index (Friday).
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