In a post-Cabinet media conference, Key said "I would agree with the governor that the
Regarding RBNZ intervention, Key opined that "If they choose to do that they have a mandate under which to intervene."
The NZ dollar fell to a 1-1/2-month of 0.8532 against the US dollar, from an early high of 0.8557. At last week's close, the kiwi was trading at 0.8544 against the greenback. If the kiwi extends its downtrend, it is likely to find support around the 0.84 area.
Pulling away from an early high of 87.10 against the yen, the kiwi slipped to nearly a 2-month low of 86.87. The kiwi may test support near the 86.26 area.
Against the Australian dollar and the euro, the kiwi dropped to 1.1000 and 1.5735 from early highs of 0.0972 and 1.5690, respectively. Continuation of bearish trend may lead the kiwi to a support around 1.11 against the aussie and 1.58 against the euro.
Looking ahead, US Markit's purchasing manager's index for July and pending home sales for June are due in the
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