So much for the ‘fade USD strength’ story; instead, it’s the only game in town! While that fits with the soft-landing narrative, we do have one word of caution, and that’s to take month/quarter-end moves with a bit of a grain of salt.

Still, the Kiwi is still holding its own on many crosses, notably NZD/AUD and it has wide interest rate differentials to thank for that. Bring on next week’s RBNZ MPR, that’s the next signpost in this volatile journey.