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Forex News: New Zealand Dollar Appreciates As RBNZ To Cease

New Zealand Dollar Appreciates As RBNZ To Cease LSAP Program

07/14/2021 - 02:18:00 (RTTNews)

(RTTNews) - The New Zealand dollar spiked higher against its major counterparts in the Asian session on Wednesday, after the Reserve Bank of New Zealand decided to terminate additional asset purchases under the Large Scale Asset Purchase programme, citing that the major downside risks of deflation and high unemployment had subsided.

The Monetary Policy Committee of the Reserve Bank of New Zealand said that it will halt additional asset purchases under the Large Scale Asset Purchase programme, or LSAP by July 23.

The committee decided to hold the official interest rate at 0.25 percent and the Funding for Lending Programme unchanged.

Policymakers observed that the economy remains robust despite the ongoing impact from international border restrictions.

In the absence of any further significant economic shocks, more persistent consumer price inflation pressure is expected to build over time due to rising domestic capacity pressures and growing labor shortages.

The kiwi jumped to a 1-week high of 0.7023 against the greenback from yesterday's close of 0.6942. The kiwi may face resistance around the 0.72 region.

The kiwi approached a 6-day high of 77.60 against the yen, up from Tuesday's closing value of 76.78. Further rally in the currency may find resistance around the 79 region.

The kiwi was up against the euro, at a 1-week high of 1.6777. The pair had closed Tuesday's deals at 1.6942. Next near term resistance for the kiwi is found around the 1.66 level.

The New Zealand currency climbed to its highest level since June 1 against the aussie, at 1.0627. At yesterday's trading close, the pair was quoted at 1.0710. The kiwi may face resistance around the 1.05 region.

Survey from Westpac Bank showed that consumer confidence in Australia remains firm in July as its sentiment index gained 1.5 percent to a score of 108.8 - up from 107.2 in June.

Confidence has held up overall despite a sharp fall in NSW as other states - notably Victoria and Western Australia - recorded strong bounce-backs from COVID-related disruptions in June.

Looking ahead, Eurozone industrial production for May is due in the European session.

Canada manufacturing sales for May, U.S. producer prices for June and Fed Beige book report will be released in the New York session.

The Bank of Canada will announce its interest rate decision at 10:00 am ET. The BoC is widely expected to keep its policy rate steady at 0.25 percent.

Federal Reserve Chair Jerome Powell is due to testify on the semi-annual monetary policy report before the House Financial Services Committee in Washington DC at 12 pm ET.

For comments and feedback: contact editorial@rttnews.com

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