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October 8 2009 issue of the BNZ Weekly Overview
Welcome to the October 8 2009 issue of the BNZ Weekly Overview.
This week the NZD has traded above US 74 cents, driven higher by continuing willingness of investors to embrace risky assets, riding the coat-tails of an Aussie dollar boosted by monetary policy tightening and a falling unemployment rate, plus some weakness in the greenback. The NZD is ahead of where fundamentals suggest it would normally be – but these remain abnormal times and there still seems nothing on the horison likely to generate a significant currency pullback.
The benefit of the soaring NZD is restraint on wholesale interest rates even though business confidence readings continue to soar, businesses are saying they no longer intend laying off staff, and the housing market continues to look well supported – though not booming.
October 8 2009 issue of the BNZ Weekly Overview (pdf)
ENDS
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