Moves have been unremarkable and it’s well within familiar ranges, and as we look ahead it’s difficult to see a catalyst for a major range-break. 

On the one hand, the Fed’s pursuit of soft-landing bodes well for the USD, but on the other hand, the NZ economy is proving to be a bit more robust than first thought, and domestic data this month fully underscores the need for more monetary policy tightening. 

Boil it all together and it has more of a feel of limiting downside rather than something that might overcome USD exceptionalism, especially with markets reluctant to price in a November OCR hike. But at least it’s not bad news for the Kiwi!