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Kiwi unchanged with little news to digest

NZD - New Zealand Dollar

The New Zealand Dollar oscillated within a tight range to open relatively unchanged at 0.6424. There wasn’t too much of an impact from local data but Electronic Transaction data did reveal a slight bounce back in spending in August after several months of slower results. The news bodes well for the next retail sales reading in New Zealand. Dampening the Kiwi though was news from across the Tasman that Australia’s NAB business confidence survey fell to its lowest point since September 2014.

Moving into Wednesday the Kiwi again enjoys a quiet day on the domestic economic calendar with little to digest. There is some off-shore news however with Westpac’s Australian consumer sentiment due for release as well as a Chinese new loans report and US PPI figures.

Key Movers

Foreign exchange markets have been fairly muted over the last 24 hours but there was some movement with the Japanese Yen. The Yen hit its highest level in a month as it tracked the rise in US treasury yields. Hitting as high as 107.5 against the Greenback, the Yen continues to be a favoured safe haven currency.

Otherwise, global bond yields have continued they’re good form after an MNI report that suggested the ECB might delay or make conditional the resumption of quantitative easing. There was also some positive news on the US-China trade war that also supported rates with reports that China has offered to buy more US agricultural goods ahead of the October trade talks.

Expected Ranges

NZD/AUD: 0.9314 - 0.9398 ▼

NZD/CAD: 0.8401 - 0.8477 ▼

NZD/EUR: 0.5767 - 0.5851 ▼

GBP/NZD: 1.9203 - 1.9281 ▲

NZD/USD: 0.6382 - 0.6458 ▼