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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBusinessNZ M'fing PMI Improves, ANZ Tweaks OCR Hike Call
Broad-based greenback sales pushed NZD/USD higher on Thursday, despite deteriorating risk backdrop. European & U.S. equity markets turned red amid widespread recession fears, but retreating U.S. Tsy yields created a drag on the U.S. dollar.
- Spot NZD/USD trades at $0.6366, up 5 pips on the day. A clean break above Jun 3 high of $0.6576 would mark the formation of a notable bullish structure. Conversely, bears need a dip through Jun 14 low of $0.6197 to regain poise.
- ANZ changed their RBNZ call and said this morning that they now expect the Reserve Bank to deliver two 50bp hikes in both July and August, without reverting to a 25bp move on the second occasion, as forecast before. The revision came despite a surprise Q1 GDP contraction reported earlier this week.
- New Zealand's BusinessNZ M'fing PMI improved by 1.7 point to 52.9 in May, but the updated reading "was still below the long-term average of 53.1 for the survey." Sub-indexes suggested that "excess demand alleviated during May" and if it keeps weakening, "so too will be core inflation pressure."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.