MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Dairy Prices Continue To Surge, NZ Gov't Announcement On Housing Expected On Thursday

NZD

Tuesday saw NZD/USD fade its initial rally driven by a firmer risk sentiment. The rate operated within a 38 pip range, hovering above the $0.7100 mark and the nearby 50-DMA. There was little in the way of local catalysts to drive price action.

  • Headline GDT price index rose 4.8%, firming up for the fifth consecutive auction, while whole milk powder prices climbed 2.2% (matching market expectations), reaching the highest level since Dec 2016. Westpac raised their 2020/21 farmgate milk price forecast to NZ$7.50/kg after the auction, which is above Fonterra's forecast range.
  • The Green Party has called for measures to halt surging house prices. Interest.co.nz reported that Housing Minister Woods may make an announcement on public housing on Thursday.
  • NZD/USD trades at $0.7123, little changed on the day. Gains past Jan 13 & 14 highs of $0.7240 are needed to generate fresh bullish momentum and bring Jan 6 high of $0.7315 into view. Bears need a fall through the round figure of $0.7100 before taking aim at Dec 28, 2020 low/50-DMA at $0.7084/82.
  • New Zealand's BusinessNZ M'fing PMI & quarterly CPI report will be released on Friday morning.
BulletMarketsForeign Exchange Bullets
BulletMarketsForeign Exchange Bullets

To read the full story

Close

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.