It was a relatively quiet week for the Kiwi as major news and data from New Zealand was lacking and global catalysts seemed light.
Overall, NZD was a net loser on the week, possibly on broad risk sentiment’s lean towards negative, net negative NZ data, and lingering speculation of negative rates coming from the RBNZ.
New Zealand Headlines and Economic data
Broad global risk sentiment was mostly negative on the session, likely contributing to the Kiwi’s move lower on Tuesday. The negative vibes was likely a mixed of rising no-deal Brexit fears, weakness in the U.S. equity markets, and disappointing economic updates from Japan and Australia.
No major catalysts from New Zealand on the session, but we saw a net negative move in the Kiwi against the majors, likely driven by the negative broad risk sentiment environment sparked by the U.S. tech sector sell off during the U.S. trading session.