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Pressured, Orr Maintains Familiar Rhetoric

NZD

NZD/USD prints $0.6446, down ~0.3% in today's trading, with only AUD a weaker performer in the G10 space at the margins.

  • The pair has been offered in early trading continuing to unwind its post-US CPI gains as the government's fiscal update noted that the economy is expected to enter recession in Q2 next year although the downturn is forecast to be shallow. The Kiwi found support below $0.6440, recovering to deal at current levels.
  • On the wires this morning Q3 BoP Current Account Balance widened to -$10.205b, with the Q3 GDP ratio at -7.9%, although this was in line with expectations.
  • RBNZ Gov Orr has appeared before a parliamentary committee this morning where he reiterated previous comments that inflation is too high and although the bank expects an uptick in unemployment, overall employment levels are expected to remain high.
  • With no further local data on the wires today, NZD will be driven by any wider swings in risk sentiment ahead of the FOMC meeting this evening.
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