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Big hit to the New Zealand dollar this week on both risk sentiment moving further negative on rising pandemic fears, as well as another monetary policy statement from the Reserve Bank of New Zealand signaling a potential move to negative interest rates.

Overlay of NZD Pairs: 1-Hour Forex Chart
Overlay of NZD Pairs: 1-Hour Forex Chart
NZD Weekly Performance from MarketMilk
NZD Weekly Performance from MarketMilk

New Zealand Headlines and Economic data


New Zealand ends all pandemic restrictions outside main city of Auckland

New Zealand Credit card billings fell -5.8% m/m in August vs. +2.2% m/m in July


New Zealand’s Ardern seen cruising to victory as election contest heats up


New Zealand central bank holds rates but hints at further easing – this was obviously the catalyst for both the pick up in volatility and negative lean in the Kiwi for the session.

Broad risk sentiment was also on a negative lean to likely add pressure to the Kiwi, sparked another round of U.S. equity selling during the New York trading session as the idea of the U.S. getting additional stimulus continues to remain uncertain ahead of the U.S. elections.


NZ: Export boom and import plunge drives big trade surplus


We saw a bounce in the Kiwi during the Asia trading session, and with no drivers from New Zealand on the session, it’s likely the bounce in broad risk sentiment on renewed stimulus hopes was the catalyst for the recovery.