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NZD continues to track lower, RBNZ rumours helps provide upside barrier - BNZ

FXStreet (Łódź) - The BNZ research team point out that recent weak New Zealand data and falling diary prices have been weighing on the NZD, which slipped through significant support at 0.8400.

Key quotes

"Later in the month, a curious 50pt drop in NZD/USD during illiquid Monday morning trading had commentators point to RBNZ intervention."

"This comes at the heels of Governor Wheeler using the word 'unjustified' to describe the NZD’s strength, a term that forms part of the RBNZ’s intervention framework."

"We suspect that any action the Bank might be taking is unlikely to be the sort of ‘active’ intervention seen in 2007."

"Even if it has not intervened, the RBNZ would be pleased with the outcome, having desired a lower NZD for some time."

"The mere suggestion that the Bank could be involved works to reduce investor appetite for a higher NZD."

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