The New Zealand Dollar had a quieter day Monday, although quiet doesn’t mean good. Having opened around USD0.6870, it traded in a 30 pip range from 0.6841 to 0.6871 before finishing close to the day’s low to be the worst performer of all the major currencies we track here. The AUD/NZD cross rose half a cent, while NZD/USD and NZD/CAD both fell half a cent. This poor day for the Kiwi Dollar came despite analysts at Swiss bank UBS putting out a bullish recommendation on the currency which they described as the cheapest in G10. “As the Chinese economy continues its rebalancing away from investment-led growth and toward increased consumption, the country’s import patterns will change with obvious knock on effects for its key trading partners… New Zealand is a clear beneficiary, given the importance of agricultural products (milk and meat) to its economy and exports. New Zealand exports virtually no investment goods to China, so there no offsetting loss from a deterioration in these exports”. All the major global banks’ ‘2018 Outlooks’ are hitting the street around now, but this is one of the more bullish views from an offshore player. Back to the more mundane incoming economic data locally, this week brings some of the ‘partial’ data which then feed into GDP on December 21st. Today it’s Building Work, Thursday is Wholesale Trade and Friday is the Manufacturing Survey. RBNZ Acting Governor Grant Spencer is delivering what will be a very closely-watched speech tomorrow on “Low inflation and its implications for monetary policy”; the text of which will be released at 1.15pm local time today. NZD/USD opens at 0.6845 with the AUD/NZD cross at 1.1090.