NZD/USD REVIEW: created by import-candles on 2026-10-23 from Monorex history (digits 5 map); check digits/point_size/pip_size, then activate. New Zealand Dollar vs US Dollar

U.S. construction spending fell 1.9% in September, driven by a 5.5% drop in private residential spending, InvestingLive reports from Census Bureau data. Private nonresidential spending rose 1.1%, providing a partial offset. August’s gain was revised to 2.0% from +0.9%. The figures measure dollar spending at seasonally adjusted annual rates, so the decline does not isolate changes in building activity from prices.

U.S. employment costs rose 0.8% in the third quarter, down from 0.9% in the prior quarter, InvestingLive reports. Wages rose 0.7%, while benefits increased 0.9%. Annual civilian compensation growth was 3.4%, with benefits growing faster than wages. Private-industry wages fell 0.6% after inflation over the year, showing that higher nominal pay did not preserve purchasing power.

U.S. consumer prices rose 3.6 percent over the year to September, while core PCE inflation was 3.1 percent, the BEA reported. Monthly prices rose 0.5 percent, outpacing the 0.2 percent gain in disposable income. After inflation, disposable income fell 0.3 percent and spending rose less than 0.1 percent. The release shows a squeeze on purchasing power despite higher cash spending. The next report is due November 25.

InvestingLive reports that ANZ’s October survey showed New Zealand business confidence rising to +53, while expected own activity eased to +46. A net 52% of firms plan price increases over the next three months, the highest since May. Inflation expectations held at 3.3%. ANZ says demand has proved resilient despite renewed oil-price pressure, but warns that firms’ cost expectations start from an already inflated base. Services export intentions reached a 25-year high.

The Federal Open Market Committee maintained the federal funds target range at 3-3/4 to 4 percent on October 28 in a 10 – 2 vote. Lisa D. Cook and Beth M. Hammack dissented, preferring a 1/4 percentage point increase. The statement describes strong economic expansion, resilient domestic spending and little change in unemployment. Inflation remains elevated, and the Committee says additional information will help determine the policy stance needed to return inflation to its 2 percent goal.

The Reserve Bank of New Zealand held its OCR at 2.75 percent on October 28, with four members favouring a hold and three a 25-basis-point increase. Annual inflation slowed to 3.7 percent in the September quarter from 4.1 percent in June. The Committee nevertheless expects 4.4 percent in December, largely reflecting fuel futures prices. It says tighter policy is likely but conditional on the outlook, as domestic demand remains subdued and the economic recovery uneven.