NZD/USD bulls bank on early action from RBNZ

• NZD/USD back under pressure as the US dollar firms. 
• Given the decent domestic picture, NZD remains supported. 

NZD/USD is currently trading at 0.7010 and down some 0.16% with the price travelling between a low of 0.6988 and a high of 0.7105.

The Kiwi is well below the 0.71 area from yesterday's trade where prospects of a rate hike were brought forward by a number of analysts (with a hike now ~90% priced in by November).

''The collapse/reversal in oil (from a multi-year high) overnight has whacked commodity currencies, dented risk appetite and hit equities,'' analysts at ANZ Bank said.

''We think the NZD can survive this challenge (we’re not an oil exporter) given the decent domestic picture, as confirmed by yesterday’s NZIER QSBO survey (which aligns with our own ANZBO survey) but expect volatility.''