Market Overview
- The RBNZ cuts the official interest rate to 5.25% as Orr turns dovish.
- Market risk products have soared higher in overnight US market trading, the NZD clearing 0.6100.
- AUD makes gains as the week kicks off, the RBA hawkish tone and risk sentiment boosting the AUD to over 0.6700 against the US Dollar
- Gold has traded higher Monday to 2504.00 in line with commodity prices elevated.
- New Zealand Exports 6.15B in July compared to 6.17B in June.
- Hamas has rejected the US proposal for a hostage and ceasefire deal after Netanyahu included “unreasonable” conditions. Talks are ongoing and Netanyahu will host US Secretary Blinken. The US wants to finalise an agreement by the end of August.
- The Australian Dollar (AUD) has been the best performing currency in the month of August while the US Dollar (USD) has been the worst performer.