HelenRush

NZD welcomes the new RBNZ governor

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
The NZD was the best performer in Asia today, propped up by the news of a new RBNZ governor appointment. The NZDUSD             pair jumped nearly 1% and reached new December highs at 0.6929 in response to the news that Adrian Orr             has been appointed a governor of the Reserve Bank of New Zealand. He will begin his five-year term on March 27.
The announcement gave a boost to the New Zealand Dollar             as the market views Adrian Orr             as a balanced and credible choice. It is also important that he used to work for the Reserve Bank in the past already and has a vast insider experience, in contrast with his two predecessors. Though it is so far unclear, whether the new governor is a “dove” or “hawk”, in the short-term it is enough to dissipate some uncertainty. In the longer term, the market will be closely following the prospects of the “dual mandate” introduction under the new leadership.
Now, when NZDUSD             regained the 0.69 mark, it is necessary to hold above and test the 0.6930 handle. If this local resistance is eroded, the 0.6945 will be on the radar. But this scenario is conditional on additional impetus from US Dollar             weakness. Despite the Fed rate hike is already priced in, the greenback may attract some demand ahead of Wednesday’s Fed meeting, which may result in NZDUSD             pullback after the recent rally.
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