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ANZ: International Factors Dominate Local Matters

NZD

ANZ note that the “NZD is lower again and it looks to be possibly gearing up for a break lower against the AUD. You’d be forgiven for thinking local factors might help, especially with NZ short end rates up sharply, but they aren’t. Instead, markets remain attuned to global themes, eagerly anticipating Fed Chair Powell’s (Jackson Hole) speech. In many ways the USD’s comeback is logical (at least from a NZ perspective) - it’s late cycle here, so early winners may be early faders, and global growth risks abound - that’s hardly a supportive backdrop for commodity exporters.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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