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After an early week bounce off of positive geopolitical comments, the New Zealand dollar drifted lower all week, possibly off of comments from RBNZ Governor Adrian Orr in an interview on Tuesday.
New Zealand Headlines and Economic data
Monday:
- Lumpy imports drive bigger July trade deficit than expected
- Trump says US and China to resume trade talks – this was the catalyst for the big market sentiment turn around just before the European session open from the extreme negativity sparked during last Friday’s events. Kiwi pairs rallied on the news that “China called the U.S.” to restart trade talks, even after Chinese media debunked the idea that China called the U.S. over the weekend, and managed to hold most of its gains off of this event through the whole week.
Tuesday:
- Nothing’s too big to fail’, warns Reserve Bank governor Adrian Orr – In this interview, Orr called for an increase in capital requirements for the four biggest banks, which could hinder lending and economic growth. Not sure if this was the catalysts for the Kiwi’s turn lower on the week, but with no other apparent influences, this may be the closest thing.
Wednesday:
- Reserve Bank Governor Adrian Orr puts in a plug for the Government and businesses to invest more to take advantage of low global interest rates
- We are not alone with Monetary Policy; Comment from Reserve Bank Governor Adrian Orr.
Thursday:
- ANZ Business Outlook Survey says there’s ‘nothing good to say’ about business confidence as it hits the lowest level in over 11 years
- Broad mover higher in the Kiwi against the major currencies during the morning London session, possibly on the news that China won’t retaliate to new U.S. tariffs and their rhetoric on resolving the trade dispute with a ‘calm attitude.’ It showed China isn’t looking to escalate the trade war further which calmed down traders into lightening up on safe haven bets and get back to risk assets.
Friday:
