Stress around global markets this week has seen the “risk” correlated New Zealand Dollar (NZD) struggle a smidge. Clocking a new daily close for 2023 yesterday at 0.5815 this is the weakest the NZD has traded since October 2022. Tensions are red hot in Gaza with investors waiting to see how things will pan out. We have seen some consolidation heading into Friday with the kiwi recovering to 0.5950. Earlier US Retail Sales surprised, printing much higher than the predicted 0.2% at 0.7% causing a selloff in the bond markets. Chances of the Fed hiking interest rates on Nov 2nd increasing to 50/50. The Israel/Hamas war and humanitarian crisis will no doubt keep the kiwi in a bear mood looking ahead.
The current interbank midrate is: NZDUSD 0.5842
The interbank range this week has been: NZDUSD 0.5815- 0.5928