In a mostly quiet trading week for FX, the New Zealand dollar took the top spot following a positive reaction to the latest monetary policy statement from the Reserve Bank of New Zealand.
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Risk-Off vibes
It was a mostly quiet week for the financial markets, but it was a positive leaning one for traders. Most asset classes were able to close in the green on Friday, with equities marching towards new all-time highs and the crypto markets recovering after last week’s liquidation event. Although, it’s not looking to great for crypto this weekend as the broad sector dips into the Friday close.
The major currencies were a bit subdued, but we did see some action from the New Zealand dollar after the Reserve Bank of New Zealand hinted that they may raise interest rates next year. This increased the gains the Kiwi was already seeing due to the positive global risk sentiment lean, and was able to hold onto into the weekend.
The biggest loser of the week was the Japanese yen, likely not only feeling the move away from safe havens as economic sentiment updates continued to show optimism around the world, but possibly also on signs from Japan that inflation is slipping and that the employment sector is on shaky footing. And we saw a big move lower on Thursday, possibly related to rumors that U.S. President Biden will likely propose a $6 trillion fiscal plan.
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