Yen on the back foot, Kiwi awaits GDT - ANZ
|Analysts at ANZ noted the move in the Yen from overnight and NZD's resilience.
Key Quotes:
"JPY has been the big mover overnight (well, not so much big, but more a case of the one that moved the most during a quiet night), as it benefited from the “less stressful” North Korea situation (and better GDP data yesterday)."
"The NZD held steady."
"How long this fading of “risk off” lasts (which seems to your author to just be a reflection of a lack of headlines, as opposed to any real cooling in North Korean tensions) is anybody’s guess. But in any case, some markets looked due for a pullback anyway. We remain attuned to a lower NZD eventually, but for now it is holding up well amid strong soft commodity prices (and we have the GDT auction tonight), a decent growth pulse and still attractive interest rates."
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