The pair is trading at 0.7274 currently, near the highs for the day
The triple-bottom support coupled with the 200-day MA provided a good base for the pair to stop recent declines in a bid to move higher again. This was highlighted here last week.
The dollar remains rather weak today, which is the main reason why the pair is moving higher. We had a host of headlines regarding the kiwi, but none that changes the picture all too much.
First, we had RBNZ's new PTA announcement - where the key change there is that the RBNZ will be shifting towards a committee policy decision on monetary policy in 2019 onwards. In practice it's essentially the same, but just with a bit more transparency in this case. The new employment mandate also officially confirms that labour market reports will now hold more importance to the RBNZ and to markets.
Meanwhile, we also had trade balance data earlier which came in at a surprise surplus - but it was mainly due to the stink bugs. Pfft.
The kiwi is also finding some support on reports that China and US are looking to resolve things in a much cooler manner - and so far stocks have remained tepid, compared to the blowout that we saw on Friday.
S&P 500 futures are up almost 0.5% on the day so far, and that's lifting Asian equities from the lows so far - though they are still in the red.
