NZ dollar down
The New Zealand dollar has fallen Thursday, trading at 63.73 US cents down from yesterday’s 63.83 US cents.
The main story overnight has been the move in the yen, and it’s sharp selloff, according to the XE morning update. It’s preliminary GDP on an annualized basis on Monday came in at -6.3 per cent.
“This went largely under the radar, but when combined with yesterday’s poor machinery orders, which were off 12.5 per cent for the month, the market started to look at Japan more closely,” according to the XE statement.
For now, the answer is the USD and equities. For stocks, good news is good, and bad news is good as central banks will cut rates.