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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 pressured last week, down ~1.31%, printing its lowest level since late November. The table below presents levels of correlations between NZD and key macro drivers (note the yield differential reflects swap rates).
- Global equities were the dominant macro driver in recent dealing, with weakness in global commodity and agriculture indices also weighing.
- Over the longer term 2-Year Yield Differentials and Global Commodities continue to be the main driver in NZD.
- Resilience in milk prices hasn't aided the Kiwi in both the short term and long term time frames.
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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