According to Jinshi, on September 23, the New Zealand dollar was trading steadily against the US dollar during the Asian session, supported by risk aversion driven by rising stock markets in most regions. Four members of CBA Global Economics and Market Research said in a research report that the US dollar may fall under low volatility and high risk appetite.

They added that the Fed has joined other central banks in embarking on a rate-cutting cycle and upcoming speeches by some officials, including Fed Chairman Jerome Powell, are unlikely to prevent markets from reacting positively to the Fed's aggressive rate cuts.