Finance minister Nicola Willis delivered her mini budget over the week finding 7.5B of savings as the new National Govt cuts back on several Labour led initiatives. There was no real shift to the New Zealand Dollar (NZD) post the release however the kiwi posted new highs against the US Dollar (USD) reaching 0.6295 a late July high. If we look back over 2023 the kiwi has underperformed for most of the year to mid-October when it pulled back most of the losses over 2023. The cross started the year circa 0.6330 so we are not far off this. US UoM Consumer Sentiment prints in the morning and should reflect a similar positive result to earlier week Consumer Board confidence. Markets over the Xmas/NY dates will be thin and volatile; we expect reasonable shifts in the cross. Leaving orders with us is the way to go if you are targeting a specific level.
The current interbank midrate is: NZDUSD 0.6287
The interbank range this week has been: NZDUSD 0.6187- 0.6297