Yuan steadies as the Australian dollar crushes Kiwi

by Chris Becker

The reaction to the RBNZ’s extended hold at this morning’s interest rate meeting has been swift with everything crushes the Kiwi dollar – starting with the Yen:

Aussie go smash:

Euro smoosh:

Meanwhile, the PBOC has kept the Yuan selloff contained by holding the reference rate tight again, today’s set at 6.8317 compared to yesterday’s 6.8313. This has seen offshore Yuan trading stall as resistance at the 6.90 squeezes price back to tight support at 6.82 or so:

 

Comments

  1. RBNZ used to have that ‘wood-duck’ Wheeler but now they have Adrian Orr, someone with plenty of experience both in the Bank and in the real world. I think Adrian did a first class job today, unlike Phil Lowe who seems to be attempting to take on the woodduck title…

    • The Real World?! Oh, you mean like an economist at Westpac or NBNZ ? Or perhaps that band of soothsayers at the OECD? Adrian Orr is as much a product of the financial system as anyone could possibly be. Real World……!!! (NB: A chimp could have made the gains that were made by acquisition of shares whilst he was at the Superfund! Portuguese bank aside…)

    • Trade war – perverse, I know, but everyone is expecting big investment stimulus from the Chinese Government to keep the economy going, from now on…