The RBA interest rate decision to ‘pause’ rate rises, followed the Federal Reserve’s lead. The thought process is, to allow the long string of rate rises to permeate the economy and ascertain the impact. It did have a softening effect on Tasman commodity currencies, which accelerated with US Labour Market reports. The ADP private sector jobs report came in, at adding 497,000 extra jobs! Equities crashed and bond yields exploded, adding to support for the US Dollar, forcing the NZD back from above 0.6200, down to 0.6150.
Current Level: 0.6155
Last Weeks Range: 0.6130-0.6060