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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 finished last week's trade little changed over the week, dealing in a ~3% range. The table below presents levels of correlations between NZD and key macro drivers (note the yield differential reflects swap rates).
- Global Commodity prices and rate differentials were the dominant macro drivers in the NZD last week. Milk prices also aided the rise in the NZD.
- Over the longer time frame the 2-Year Yield Differential shows the strongest correlation to the NZD. The NZD has looked through weakness in milk futures over the previous month.
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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