NZ Dollar Falls After RBNZ Leaves Rate, QE Unchanged
23 Junio 2020 - 9:32PM
RTTF2
The NZ dollar weakened against its major rivals in the Asian
session on Wednesday, after the Reserve Bank of New Zealand
maintained its interest rate and quantitative easing unchanged as
social restrictions to contain the spread of coronavirus were
relaxed and domestic operations resumed earlier than expected.
The Monetary Policy Committee of the Reserve Bank of New Zealand
decided to hold its interest rate at a record low 0.25 percent.
The asset purchase programme was retained at NZ$60 billion after
raising it from GBP 33 billion last month.
However, the MPC said it is prepared to provide additional
stimulus as necessary. As well as potentially expanding the large
scale asset purchase programme, the committee continues to prepare
for the use of additional monetary policy tools as needed.
The bank observed that the severe economic disruption caused by
the coronavirus, or Covid-19, pandemic is persisting, leading to
lower economic activity, employment and inflation. Further, the
negative impact was exacerbated by the border restrictions and the
appreciation of the New Zealand dollar.
The kiwi dropped to a 2-day low of 68.66 against the yen, from a
high of 69.39 hit at 8:15 pm ET. If the kiwi weakens further, 64.00
is possibly seen as its next support level.
Reversing from a high of 0.6514 seen at 9:15 pm ET, the kiwi
edged down to 0.6450 against the greenback. The kiwi may challenge
support around the 0.62 mark.
The kiwi dropped to an 8-day low of 1.7532 against the euro,
after rising to 1.7382 at 8:15 pm ET. Next key support for the kiwi
is likely seen around the 1.78 level.
The kiwi fell to 1.0755 against the aussie, its lowest level
since June 5. The kiwi is seen finding support around the 1.09
region.
Looking ahead, Swiss economic sentiment index and German Ifo
business seniment index for June are set for release in the
European session.
The Federal Housing Finance Agency's U.S. house price index for
April will be issued at 9.00 am ET.
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