Financial Markets Wrap

NZD up on most crosses in September

- After a poor August, NZD gained against most major currencies
- GBP outperforms as BoE signals imminent rate hike
- Global rates higher as confidence in Fed tightening increases

BNZ Financial Markets Wrap

- NZD significantly lower, near 5% on many crosses
- Unwinding strength over recent months
- Speculators wrong-footed

USD (still) under pressure in July

- Risk sentiment positive in July, supporting commodity currencies
- NZD reached a 26-month high, aided by soft USD backdrop
- TWI up a more modest 0.5%, with NZD weaker against AUD and EUR