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The Kiwi flies, Powell stands still

The NZ dollar saw the biggest currency move over the last 24 hours, after the RBNZ kept rates on hold. As NAB’s David de Garis points out, two weeks ago that wouldn’t have been unexpected. So what led to yesterday’s decision? Jerome Powell gave his testimony in the US, but said nothing new and the markets responded accordingly. The pound has kept an even keel too, but maybe that’ll change overnight tonight as candidates are announced for the December election – the alliances formed could have some influence on Sterling. Whilst the Aussie dollar could react to a swathe of Chinese data out today, as well as employment numbers this morning.

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