Kiwi falls 0.3% ahead of pivotal Fed meeting

Daily Currency Update

NZD - New Zealand DollarThe New Zealand Dollar fell 0.3% over the last 24 hours to open this morning at 0.6613. The poor run of form means the Kiwi has entered its fourth consecutive decline and its seventh fall in eight sessions since it reached a three and a half month high earlier in the month. Domestically, there wasn’t too much to digest for the Kiwi with the falls being driven by off-shore movements. Across the Tasman, the Aussie fell 0.4% with the Kiwi following its largest trading partner lower. Adding fuel to the fire was another series of Trump Tweets accusing China of “ripping off” the United States by failing to purchase enough agricultural goods. The Tweets further weakened the Kiwi’s position as the US-China Trade War continues to look precarious.Wednesday packs a lot more excitement for traders with the ANZ business survey, Australian CPI and Chinese PMI both set for release. Nevertheless, the hard-hitting data will come through overnight with US Non-farm employment and the US Federal Reserve funds rate both set for release. Of paramount importance will be the Federal Reserve as they look to cut the fund rate for the first time since 2008. The market has 100% priced in a 25BP cut with the accompanying commentary to prove pivotal for traders.