The New Zealand Dollar remained resilient in overnight trading to open this morning at 0.7028. Oscillating between 0.6975 and 0.7050, the market enjoyed a period of turmoil as the US Federal Reserve hiked rates during the FOMC session. While widely expected, and indeed priced in by markets, investors underwent a session of price discovery, taking into account a hawkish statement from the Federal Reserve.
Across the Tasman, the Australian Dollar also remains relatively unchanged against the Kiwi with only a slight uptick to 0.9270. All other crosses have been fairly insignificant with little to write home about.
Closer to home, the domestic macro-economic calendar has had little to excite local traders this week with direction being dictated by news abroad. Turning to our neighbours in Australia, investors look forward to an employment reading shortly. Further abroad, there is the always significant Chinese industrial production and retail sales numbers to digest. Subsequently, the UK and US will also release their retail sales report. Closing out a busy day are the potentially significant press conferences from the ECB and BOJ.