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Sep 29, 2014
RBNZ’s monthly reserves data an unusual focus in Asia - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, notes that the main event to keep an eye on during today's Asian session will be the RBNZ’s monthly reserves data for August in order to find out if the Central Bank intervened in the NZD market.
Key Quotes
"There is little on the Asian calendar to provide direction, with the main release of interest an unusual one for markets – the RBNZ’s monthly reserves data, for August. The slide in NZD on 25 August prompted market discussion that the RBNZ had made good on its clear threat to intervene as needed. There was no comment from the RBNZ about that day’s price action however so the chatter faded."
"Last Thursday’s detailed, unscheduled RBNZ statement “New Zealand’s Exchange Rate : Why the Reserve Bank believes its level is unjustified and unsustainable” reignited the debate. It would be the ideal explanation for intervention, should today’s release (12pm Syd/10am Sing/HK) show that intervention did occur."
Key Quotes
"There is little on the Asian calendar to provide direction, with the main release of interest an unusual one for markets – the RBNZ’s monthly reserves data, for August. The slide in NZD on 25 August prompted market discussion that the RBNZ had made good on its clear threat to intervene as needed. There was no comment from the RBNZ about that day’s price action however so the chatter faded."
"Last Thursday’s detailed, unscheduled RBNZ statement “New Zealand’s Exchange Rate : Why the Reserve Bank believes its level is unjustified and unsustainable” reignited the debate. It would be the ideal explanation for intervention, should today’s release (12pm Syd/10am Sing/HK) show that intervention did occur."