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Stabilises After Post-RBNZ Sell-Off

NZD

NZD/USD blipped higher in the immediate wake of the announcement of the RBNZ's monetary policy decision Wednesday, but retreated shortly thereafter and remained on the back foot through the rest of the day. The kiwi finished the day as the worst performer in G10 FX space, before stabilising this morning.

  • The Reserve Bank raised the OCR by 25bp for the first time in seven years and signalled that further tightening is sight but refrained from providing any clear timetable. The OIS strip currently prices a ~90% chance of another 25bp hike in November.
  • Dep PM Robertson told NZ Herald that officials are monitoring Covid-19 situation in Waikato, where new community cases were found outside of the area earlier placed at Alert Level 3. Robertson suggested that the boundary of the area could be extended if needed.
  • NZD/USD last trades at $0.6915, little changed on the day. Should bears manage to force a break under yesterday's low of $0.6877, they could target Sep 29 & 30 lows, coinciding at $0.6860. Bulls look for a rebound above Oct 4 high of $0.6982.
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