Markets certainly seem nervous and reduced risk appetite is weighing on the Kiwi. 

US resilience (and ongoing hawkish talk from Fed speakers) remains a theme, and amid that and slowing Chinese growth, and the current account bubbling away as a risk factor just as credit rating agencies are downgrading swathes of borrowers, a strong catalyst is needed to snap the Kiwi out of its rut. But don’t expect that to come from the RBNZ next week; they’re firmly on hold and happy – for now. We expect another hike, but November is a long way off.