Report published September 23, 2026

Markets Today – Bank of New Zealand Daily Research (September 23, 2026)

Bank of New Zealand · September 23, 2026

Global market movements were modest overnight with oil prices easing back below USD99/bbl on Middle East diplomatic headlines and Saudi pipeline restart plans. In New Zealand, the NZD rebounded after hitting multi-month and multi-year lows against the USD and AUD, while short-end interest rates rose following an RBNZ statement highlighting near-term inflation risks.

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Finvaulta summarizes Bank of New Zealand's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.NZ real interest rates remain stimulatory amid CPI inflation threatening to break above 4%, implying significant monetary tightening remains ahead for the RBNZ.
2.Crude oil traded lower near USD98/bbl on news of Saudi East-West pipeline restart preparations and diplomatic engagement between the US and Iran at the UN.
3.NZD/USD rebounded to 0.5725 after hitting a two-month low of 0.5695, while NZD/AUD touched a 13-year low of 0.8006 before recovering back to around 0.8050.

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Report data

Currencies, Equities, Commodities, and Interest Rates Dashboard — as of September 23, 2026.

Metric	Estimate	Context
Brent Crude Price	99.32 USD/barrel	Brent crude traded in a range of USD97.50 to USD102, settling near USD98-99.32.
US 10-Year Treasury Yield	4.96%	Overnight trading range was 4.92%-4.98%.
US 2-Year Treasury Yield	4.785%	Traded at a fresh two-year high.
NZ 2-Year Swap Rate	4.04%	Closed up 4bps just shy of recent multi-year high.
NZD/AUD Exchange Rate	0.8006 AUD per NZD	Hit a fresh 13-year low before rebounding to ~0.8050.