FX News

NZD/USD Transfer

US Manufacturing Goods Orders came in lower than markets predicted at -5.4% compared to forecast of -3.2% and a long way off September’s 4.6%. This equates to 16B in orders to 279B in October. The US Dollar index fell sharply, and the New Zealand Dollar (NZD) rose post the news to the 0.6060 area. The kiwi has been making a habit of running out of steam around mid-0.60’s- maybe a reflection of investors starting to price in a “no change” to the 5.50% RBNZ cash rate due next Wednesday. Markets will remain fairly sloppy heading into the weekend due to US Holiday volatility.

The current interbank midrate is: NZDUSD 0.6046

The interbank range this week has been: NZDUSD 0.5988- 0.6086

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