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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 failed to cling onto its initial gains Wednesday and slid in the second half of the Asia-Pac session, extending losses in Europe. A recovery in the greenback weighed on the pair, amid firmer U.S. Tsy yields & month-end flows.
- New Zealand's ANZ Consumer Confidence Index rose 4.2% M/M to 115.4 in April from 110.8 recorded in March. The index returned to pre-pandemic levels, but still sits below its historical average of ~120. Inflation expectations rose 0.7pp to +4.7%. ANZ commented that "the economy will find it harder to grow from there, but will muddle through."
- Interest.co.nz reported that the gov't asked Housing & Urban Development Ministry for advice on implementing temporary rent controls, if the recently announced housing policy package sends rents higher.
- Next week will be a busy one in New Zealand. Quarterly labour market report & the RBNZ's Financial Stability Report will be published on Wednesday, with building permits & flash ANZ Business Confidence coming up on Thursday.
- NZD/USD last trades at $0.7242, little changed on the day, and the rate seems poised for a fifth straight weekly gain. A break above yesterday's high of $0.7287 would shift focus to Mar 2 high of $0.7307. Conversely, a dip through Apr 22 low of $0.7146 would open up Apr 19 low of $0.7122.
Fig. 1: New Zealand ANZ Consumer Confidence
Source: MNI - Market News/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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