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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.
NZD
NZD/USD was marginally firmer over the past week, dealing in a ~2% range. The table below presents levels of correlations between NZD and key macro drivers (note the yield differential reflects swap rates).
- Global commodity prices were the main driver for the NZD last week, a moderate widening in NZ US rate differentials couldn't lift the NZD late in the week.
- Over the longer time frame, global commodities, milk futures and global equities are driving the NZD.
- The correlations with rate differentials have weakened over the longer time frame.
Fig 1: NZD/USD Correlation with Global Macro Drivers:
Source: MNI/Bloomberg
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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