The New Zealand dollar is by far the best performer within the G10 basket consisting of the most relevant currencies in the world. A stronger kiwi might be a result of two upbeat factors. Firstly, the latest GDT milk auction saw a rise in whole milk powder prices, the main export commodity of the NZ economy. Secondly, we got a reassuring poll in the morning suggesting that the ruling National Party is increasingly likely to beat the Labor in the general election scheduled on Saturday 23. In effect, the NZD is rising against the greenback as much as 0.8% while the AUD is gaining 0.55% on slightly rebounding iron ore prices.
In defiance of the largest GBP opponents UK retails sales rebounded robustly in August achieving the fastest pace in four months which could reduce some concerns as far as consumer spending is concerned. The GBP has rallied immediately as the stronger than expected figures seem to enhance the case for a rate increase as soon as this year. Since then, the quid has erased some of its gains and is trading just 0.25% higher against the US dollar.
The European stock markets seem to be cautious ahead of the Federal Reserve meeting. Although, there is no a possibility for a hike, some hints with regard to the balance sheet run-off could be worth looking at. That said, the dot-plot should be much more important as the main focus may be on December 2017 as investors scratching their head whether the FED is able to hike rates once again this year.
Several weeks already passed when the Bitcoin fork took place and there is guesswork that a second split could occur in the nearest future. According to major industry players, including the Bitcoin investor Roger Ver known as “Bitcoin Jesus”, say consensus between opposing camps (miners and developers) looked increasingly unlikely.
Although, the Federal Reserve meeting may draw the most attention, there is a string of macroeconomic releases which might be not less important. Let us come forth with all of them.