The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* Markets bet on the free Fed Put Option If anything goes wrong, Fed will cut rates
– Equities surge to record highs as a result and US Dollar giving up recent gains
* Kiwi boosted by GDP +0.6% and weakening USD sees a crack of 0.6560
– Resistance now sits at 0.6620…sellers lining up above 66cts
– Composition of NZ GDP looks shaky but likely to leave RBNZ watching, not cutting!