Free Trial
US TSYS

What Recession?

US TSYS

Eurodollar/SOFR/ Tsy Options Roundup

PIPELINE

Corporate Issuance Over $60B/Wk

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

BusinessNZ M'fing PMI Improves, ANZ Tweaks OCR Hike Call

NZD

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."
175 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

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."