"No fundamental logic" for the NZD's spike on Orr appointment - Westpac

Westpac's strategist Imre Speizer posted his reaction on the recent spike in the NZD/USD pair just ahead of 0.69 handle, citing that there is "no fundamental logic" for the NZD's spike to the announcement earlier.

He added that it could be due to relief that uncertainty over the new governor has been removed. 

 NZD CFTC positioning is still short and is now undervalued, so a move higher over the next few weeks makes sense, he said.