Cold Turkey

From business.nab.com.au

Local markets yesterday were dominated by the drubbing meted out to the New Zealand dollar – accompanied by a fair amount of carnage in the NZ swaps market – in the wake of the RBNZ making clear that it does not expect to move rates before at least mid-2020. Offshore, pressure on the NZD has been compounded by acute weakness in several major Emerging Market currencies, notably TRY and RUB (also ZAR) and which is now bearing down on AUD while supporting the likes of CHF and JPY. US stock markets come into the NY close showing the first (small) sign of concern for a while at global developments, as too bonds where ... (full story)