RBNZ Governor Orr on the newswire
- Need to make sure actual inflation is sustainable at midpoint before moved to tighten conditions
- Want to make sure we do not get into deflation spiral
- continued monetary stimulus is necessary until global conditions improve
The NZD is the strongest of the major currencies today. It is up vs. all the major currency pairs with the strongest gains vs. the Yen (up 1.52%). The NZDUSD is up 0.86%.
Looking at the daily chart of the NZDUSD, the pair is trading at the highest level since February 2018. It is the approaching the 2018 high price of 0.74367 (the high price today has so far reached 0.74097). A swing area going back to 2016 comes in between 0.74367 and 0.74847. A topside trend line on the weekly chart comes in at 0.74809 near the upper part of that swing area (see yellow area and red numbered circles)