Risk off tone brings a firmer US dollar (USD) overnight, but only back near to where we left it late Monday. It was a risk off session in Asia yesterday with China’s CSI 300 index falling for a fifth day, down 0.5%. This weighed on US equities with the Nasdaq KBW banking index currently down 3.6% on the day. This is akin to a downgrade in the threat level to world financial stability. In domestic rates, Monday was very quiet in NZ being wedged in between the weekend and yesterday’s ANZAC Day holiday.

Source: New Zealand Herald April 25, 2023 22:58 UTC