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The Kiwi was the currency to rule them all thanks to rising global risk sentiment, lifting risk assets as more and more positive geopolitical and economic developments were released throughout the week.

New Zealand Headlines and Economic data
Monday:
- New Zealand Finance Minister: Economy’s Fundamentals Remain Strong
- Buoyant prices for meat exports boost New Zealand terms of trade
- China Caixin manufacturing PMI rises above 50, rebounding to a five-month high in August
Tuesday:
- With not major catalysts from New Zealand, the turn higher in the Kiwi was likely a combination of trading higher with the Aussie off of a no interest rate cut statement from the RBA to hold short-term rates at 1.00%.
Wednesday:
- China service sector activity rises to three-month high-Caixin PMI
- Hong Kong tensions ease, China signals stimulus – the reduction of geopolitical and economic fears from Asia (specifically China) seems to have been the catalysts for a major turn in global risk sentiment, and likely the main support catalyst for the Kiwi’s continued move higher.
Thursday:
- New Zealand total building volume fell -1.5% (SA) in the June quarter, following a 5.7% rise in the March quarter
- China and US agree to meet in October for trade negotiations
Friday:
- China’s PBOC cuts reserve ratio for banks as economy stalls – this stimulative action lifted risk assets across the board, adding to a week of positive Chinese economic data, fading geopolitical concerns in Hong Kong, and a positive turn in the U.S.-China trade war to push the Kiwi into the top spot against the major currencies into the weekend.