FX_IDC:USDNZD   U.S. Dollar / New Zealand Dollar
While all euro pairs are waiting for the ECB meeting on Thursday, which will unlikely impress the EUR, the Antipodes are losing their positions. The strongest pair for today seems to be EUR/USD , but the bulls are still favouring the USD. Yet there is still some kind of nervousness since the markets are waiting for the announcement of a new Fed Chief this week.
The US dollar has some room to take revenge. The New Zelanian prime-minister (still designate though) did exactly what she was supposed to: she called for the reforms on the Central Bank and announced plans to cut immigration.
Most of all, the new Kiwi government is set to ban the foreign purchases of New Zealand property. Pity. The drop in capital inflows can’t be any good for a small island country. The Kiwi slumped to almost 6-months lows area at 0.6910 and is nearing the 0.6900 round level.
What shall we expect from the RBNZ’s monetary policy after the reforms? Apparently, more easing measures. The bears’ firmness may lead NZD/USD to the May’s support line at 0.6860-85. The next target is the May,11 support area at 0.6817.
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