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NZD/USD: Weak US data failed to propel the pair higher – ANZ

FXStreet (Delhi) – Research Tean at ANZ, note that the weak US data – declining core durable goods, softer Markit Services PMI, and declines in consumer confidence – could not boost kiwi much overnight.

Key Quotes

“Markets continue to worry about ‘risk’, with equities, commodities and bond yields all lower, keeping kiwi capped. We expect NZD to continue to trade in a tight range until tomorrow morning’s FOMC (7am) and RBNZ (9am) meetings shatter the peace.”

“The NZD continues to display “tallest pigmy’ characteristics, with our comparatively high local yields still a magnet for offshore investors. At present the NZD is close to 8% above the 67.9 average for Q4 assumed in the September MPS, with the NZD an eye-watering 94 Australian cents.”

“Easing actions by global central banks and the apparent reluctance of the Fed to get out of the blocks may have provided a sugar pill to asset prices and risk, but all does not appear well for the global economy. Ultimately economic fundamentals will triumph, and currencies and other asset prices may get caught in the crossfire.”

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