RBNZ coming up, CFTC report shows rise in shorts - TDS

FXStreet (Guatemala) - Analysts at TD Securities noted the forthcoming RBNZ and related the recent CFTC Commitments of Traders Report to the NZD and meeting with markets pricing in a cut.

Key Quotes:

"Sticking with the commodity currencies, net NZD shorts increased by 1.3k to –19.7k. At this point, an RBNZ cut this week is already well priced by the market and given extreme positioning which is heavily net short (at record levels), we think there is an asymmetric risk to a bounce higher in NZD unless the RBNZ delivers 50bp this week—a risk we think is low given no press conference or updated forecast."