While most of NZ celebrated Labour Day the NZD/USD opened the week with a slight upward bias. However, after touching above 0.8330 late last night it has fallen back to sit close to where it started the week, around 0.8290.Trading across most currencies was fairly contained over the past 24-hours, as US bond yields also traded tight ranges. This saw the NZD sustain fairly unexciting trading on most crosses although a modest uptrend in the NZD/AUD was in play. From 0.8640 at the start of the week the NZD/AUD now sits above 0.8660. With nothing scheduled on the domestic agenda today, any triggers for the cross will likely need to come from across the Tasman. Scheduled remarks by RBA Governor Stevens and the NAB quarterly business survey this morning look to be the most likely candidates.
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