RBNZ seeks to “turn the tide” on Pacific de-risking – Reuters

Dhwani Mehta FXStreet

The Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said in a statement on Friday, "the tide is going out on international banking services for Pacific Island nations, which could make a trade, investment and sending money home more difficult and expensive.”

Additional comments (via Reuters)

"Now is the time for New Zealand banks to act with courage to keep providing banking services, including money remittances, to the Pacific Islands.”

"These banking relationships are vital to the economic prosperity of Pacific nations.”

Market reaction

NZD/USD stalls its recovery from weekly lows of 0.6959, now trading at 0.6968, down 0.12% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.