The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* Kiwi hit yesterday as S&P says weaker economic outlook is downside risk for Budget
– NZ Treasury sees risk S&P could remove positive rating outlook
– Given S&P’s track record, never got close to predicting the GFC or the like, not concerned
– NZD range bound but FOMC tomorrow morning the risk “in either direction”…..0.6280/0.6420
– Exporters/importers chip away at either end….
* NZDAUD the loser drops 50 pips on the…