NZD reverses gains and turns lower; oil price rises to $102 and pushes up US Treasury yields

智通财经2026/10/08 07:47

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The New Zealand dollar gave up earlier gains and turned lower against the US dollar during Thursday’s European morning session as market sentiment weakened. Escalating tensions in the Middle East drove oil prices higher, which in turn pushed up US Treasury yields and limited the dollar's decline after it weakened during the Asian session. Another attack by the Houthi rebels in Yemen on a Saudi airport further pushed oil prices higher. With concerns rising over potential further attacks on Saudi oil facilities and potential supply constraints, Brent crude oil prices rose to near $102 per barrel. The rally in oil also lifted US Treasury yields, as markets believed elevated energy prices would force central banks to tighten monetary policy. This offset the slight weakness in the dollar following the release of the US Federal Reserve’s September meeting minutes. The minutes showed that the Fed remains concerned about inflation, but did not alter market expectations that rates would be held steady in October.

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The New Zealand dollar gave up its earlier gains in early European trading on Thursday, turning lower against the US dollar as market sentiment weakened. Escalating tensions in the Middle East drove oil prices higher, which in turn pushed up US Treasury yields and limited the US dollar's further decline after weakening during the Asian session. Houthi forces in Yemen launched another attack on a Saudi airport, pushing oil prices higher. As concerns grow over further attacks on Saudi oil facilities and the possibility of supply constraints, Brent crude prices rose to around $102 per barrel. The rise in crude oil also drove US Treasury yields higher, with the market believing that high energy prices will force central banks to tighten monetary policy. This offset the US dollar's slight weakness following the release of the minutes from the Federal Reserve's September meeting. The minutes showed that the Federal Reserve remains concerned about inflation but did not change market expectations that interest rates would remain unchanged in October.

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