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Watching RBNZ Rhetoric

KIWI

NZD/USD was biased lower on Monday, following the publication of an op-ed by RBNZ Gov Orr, which reaffirmed NZ central bank's readiness to use alternative monetary policy tools, including negative interest rates and direct funding for banks. There was nothing new/surprising in that piece, but a limited headline/data flow (it was a U.S. public holiday) offered little in the way of other signals.

  • The rate last deals +3 pips at $0.6695, just above Monday's low. A fall through Sep 4 trough at $0.6668 would turn focus to the 50-DMA, which intersects at $0.6611. The key near-term resistance has been defined at Sep 2/Jul 19, 2019 highs of $0.6789/91. A break here is needed to signal the broader resumption of gains.
  • NZ highlights this week include m'fing activity data and ANZ Business Confidence (Wednesday), card spending (Thursday) as well as BusinessNZ M'fing PMI and food price index (Friday).
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