Archived IMT (2009.06.10)

After dropping to as low as 0.6250s, Kiwi spiked back to 0.6330s when the RBNZ held rates unchanged and its Governor Bollard says there was no sense in currency intervention (selling the Kiwi). The RBNZ policy statement said "stronger dollar at a time of weak global growth risks delaying or even reversing the projected increase in exports, putting the sustainability of recovery at risk". As long as Bollard spoke against intervention traders did lift the currency vs USD and JPY, but sold against AUD.