Not a huge amount of movement today until Moody’s was reported as having ‘discussed’ cutting New Zealand’s last AAA rating . The NZD instantly reacted with disgust, dropping from 0.8262/65 to 0.8212/15. The rebound, too, was sharp.
AUD spent most of the day grinding its way through bids down to under 0.9460 before finding the bids at 0.9450 and ahead a step too far and rebounding to 78/83. China money market wobbles were less today, giving maybe just a veneer of stability.
EUR, GBP and CHF were all weaker, but marginally so.
Even USD/JPY had a very quiet session. there wasn’t a lot in the way of catalysts to move it … and it didn’t.