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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
The kiwi dollar cements its earlier losses following the release of poor business confidence data out of New Zealand.
- The latest ANZ Business Outlook Survey showed that business confidence fell 14 points in May to -55.6 (lowest reading since the outbreak of COVID-19 in NZ), while activity outlook fell 13 points to -4.7.
- 1-year ahead inflation expectations rose to +6.18% from 5.92%, but ANZ observed that "the rise is slowing at least" and pointed to signs of price pressures topping out. Still, "the RBNZ needs to see inflation expectations fall."
- NZD/USD earlier sold off sharply as cash U.S. Tsys re-opened sharply lower, driving broad-based greenback purchases. The pair last deals at $0.6527, down 29 pips on the day. Familiar technical picture remains in play.
- The release of China's official PMI figures has had a limited (if any) impact on the kiwi dollar.
Fig. 1: New Zealand ANZBO 1-Year Ahead Inflation Expectations (%)
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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