RBNZ'S McDermott: NZD needs to adjust down

The Reserve Bank of New Zealand (RBNZ) Assistant Governor McDermott is on the wires now, via Reuters, joining the exchange rate jawboning.

Key Points:

NZ dollar needs to adjust down.

RBNZ statement changed language in statement as signal to markets.

Change to "need" is a little nudge to markets.

Change is first step towards possible intervention.

The NZD/USD pair met fresh supply on the above comments and dumped to 0.7265 levels, down -1.35% on the day.