The New Zealand Dollar (NZD) plunged to a new year-to-date (YTD) low of 0.5851 against the US Dollar (USD) on Wednesday, spurred by risk aversion and
Geopolitical tensions escalate as Iran intensifies rhetoric against Israel, leading to heightened risk aversion. Mixed US data: Housing Starts rose by 7% in September, while Building Permits declined by 4.4%. Despite elevated inflation in New Zealand, the RBNZ is expected to maintain its current monetary policy stance.. the jump in US Treasury bond yields. Geopolitical tensions underpin the Greenback to the detriment of high-beta currencies, like the Kiwi Dollar .
Still, money market futures have disregarded a 25-bps hike for November, while December and January remain on, with the latter odds at 51.65%. On the New Zealand front, the last Consumer Price Index report revealed that inflation remains elevated, suggesting the Reserve Bank of New Zealand would stick to its higher for a longer posture.
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