NZD hostage to global risk mood - but here is the support level for NZD/USD

A note with comments on the New Zealand dollar via KiwiBank, in summary:

Last week the NZD was supported

• by comments from RBNZ Governor, Adrian Orr to the effect that he was not overly concerned with the recent strength in the currency
• also as the market factored an already heavily priced negative OCR possibility for 2021 - which we have highlighted previously as a potential unwind risk, which could ignite a rocket under the birds wings.

NZD performance will be guided by the length of the current global equity market shakeout

• Thursday's ECB policy decision and Friday's US CPI numbers to play second fiddle

We would anticipate NZDUSD to be supported at levels in the 0.6630-0.6650 region for the week

• further topside tests cannot be discounted should the love come back into equities.