Figures released today show the RBNZ sold a net NZD702 mln in June. The first intervention (officially confirmed) was on 11 June when the NZD/USD was at 0.7620, with other unconfirmed interventions happening in June and July at various higher levels.
Given that the NZD/USD is currently at nearly two month lows of 0.7570, I would say, at this point anyway, the RBNZ is ahead of the game!
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2 comments:
Ahead of the game?? Are you kidding? Are you saying that there is a causational relationship between the RBNZ releasing these funds and the dollar dropping?
No, the NZD has dropped because of offshore pressure, nothing to do with the RBNZ. When I say ahead of the game I mean they are in profit on the interevention undertaken so far. They will, at a guess, move back into loss if the NZD/USD moves back over 0.7700.
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