NZD/USD RATE VULNERABLE TO DOVISH RBNZ FINANCIAL STABILITY REVIEW
NZD/USD appears to have
marked another failed attempt to test the April high (0.6176) as it pulls back
from a fresh monthly high (0.6158), and the exchange rate may continue to carve
a series of lower highs and lows even though Mr. Robertson looks to “cushion
the blow of job loss through both income protection and retraining.”
Nevertheless, the response
by fiscal authorities may push the RBNZ to the sidelines as the central bank
expands its Large Scale Asset Purchase (LSAP) program in May to NZ$60 billion
from NZ$33 billion, and Governor Adrian Orr and Co. may carry out a
wait-and-see approach over the coming months as “the Committee agreed that it
will stand ready to deploy further tools as needed, should the need for
stimulus continue to increase.”
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