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Forex News: New Zealand Dollar Trades Higher After RBNZ Chief

New Zealand Dollar Trades Higher After RBNZ Chief Orr's Comments

09/26/2019 - 03:46:00 (RTTNews)

(RTTNews) - The New Zealand dollar strengthened against its major counterparts in the Asian session on Thursday, after Reserve Bank governor Adrian Orr said that the bank is unlikely to use unconventional monetary policy measures as the economy is in a better position.

"Our current view is that we are unlikely to need 'unconventional' monetary policy tools. But we would be remiss not to be prepared," Orr said to NZX Issuer Forum in Auckland.

Interest rates will remain low for a number of years, providing a great environment to invest, he said.

"The good news for New Zealand, unlike many other OECD economies, is that our government's books are in good shape, with room to expand investment, and there is already a strong fiscal impulse underway from public spending and investment," said Orr.

RBNZ is currently thinking hard about questions on negative interest rates and other strategies, because it makes sense to do so as a precaution - it's best to put the roof on when the sun is shining, he said.

The kiwi rose to 0.6311 against the greenback and 67.96 against the yen, from its early lows of 0.6267 and 67.50, respectively. The next possible resistance for the kiwi is seen around 0.66 against the greenback and 71.00 against the yen.

The NZ currency advanced to 1.7368 against the euro and 1.0711 against the aussie, off its early low of 1.7466 and a 2-day low of 1.0771, respectively. The kiwi is likely to find resistance around 1.70 against the euro and 1.06 against the aussie.

Looking ahead, Eurozone M3 money supply for August and European Central Bank's economic bulletin are due in the European session.

At 9:30 am ET, European Central Bank President Mario Draghi will deliver opening remarks at the European Systemic Risk Board annual conference in Frankfurt.

Fifteen minutes later, Bank of England Governor Mark Carney is set to participate in a panel discussion about the future of financial services at the ESRB annual conference, in Frankfurt.

Federal Reserve Bank of St. Louis President James Bullard will deliver remarks at an event hosted by the central bank at 10:00 am ET.

U.S. GDP data for the second quarter, weekly jobless claims for the week ended September 21, wholesale inventories and pending home sales for August are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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