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With no major catalysts from New Zealand, the Kiwi was quiet as it deferred to counter currency flows and geopolitical risks.
New Zealand Headlines and Economic data
Tuesday:
- Global dairy prices increase at the first auction in 2020
- Global dairy prices jump due to weak supply
- Somewhat of a broad move lower, and with no catalysts from New Zealand, it’s likely the Kiwi was moving with the Aussie lower. Aussie bears were taking control as RBA rate cut bets were building as fears mount over economic hit from fires.
Wednesday:
- A spike lower in Kiwi pairs as risk assets fell on news that Iran fired missiles at U.S. bases in Iraq. Sentiment quickly shifted 180 degrees not too long after the attack after Iran announces it was not seeking further escalation. Market fears continued to fade into the weekend as the risk of further escalation did continue to decline through the rest of the week.
Thursday:
- New Zealand ANZ commodity prices slip 2.8% after earlier 4.3% gain
- Somewhat of a broad mover lower in the Kiwi with no direct catalysts for the move. A possibility could be weakness stemmed from Aussie strength (Australian Retail Sales Jump Most in 2 Years on Black Friday)
Friday:
- The New Zealand dollar likely on rose positive global risk sentiment as the U.S.-Iran military conflict risk faded.
