A risk off tone engulfed the New Zealand Dollar (NZD) over the week against a preferred US Dollar (USD) with prices falling to .6060 early this morning. Stocks have been hit hard affecting positive NZD flows. US Consumer Confidence came in at 103.2 compared to 97.6 for August following 3 months of declines, the outlook for incomes, business and labour market conditions clearly on the rebound. Of note US gasoline prices have fallen again for the 11th consecutive week to around 3.80 a gallon offering some relief to consumers. ISM Manufacturing PMI published up on expectations at 52.8 vs 52.1 supporting a better looking third quarter. The kiwi bouncing off the low post the news back 0.6080. US Non-Farm Payroll prints in the morning and should throw out the normal volatility. Anything less than 295k and we could see a fresh low in the cross.
The current interbank midrate is: NZDUSD 0.6082
The interbank range this week has been: NZDUSD 0.6059- 0.6193