FX News

FX Update

Key Points:

  • Interest rate hold expected from the RBNZ tomorrow.
  • Goldman Sachs expects only a 20% chance of a US recession over the next year.
  • The Federal Reserve are expected to leave their cash rate unchanged at the September meeting with cuts predicted mid-2024.
  • Chinese real estate company “Country Garden’s” share price crashed about 20% overnight reigniting the state of the economy’s recession fears.
  • NZ Business Services Index contracted from 49.6 to 47.8 in July.
  • German economic outlook is looking bleak amid a heavy manufacturing recession.
  • The US Dollar (USD) has been the strongest currency this month with the New Zealand Dollar (NZD) the worst performer.
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