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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 underperformed all of its G10 peers overnight, with NZD/USD shedding 7 pips as a result. The rate last sits at $0.7195. BusinessNZ M'fing PMI improved to 58.6 in May from 58.3 prior, but this failed to lend any meaningful support to the kiwi. BNZ noted that finished stocks & deliveries sub-indices are "still clearly lagging as components of the PMI" and flagged that "supply-side headaches" are looming large.
- AUD/NZD extended its recent gains and currently changes hands at NZ$1.0777, 8 pips higher on the day. The pair showed at its best levels since May 24, topping out at NZ$1.0785.
- NZD/JPY remains well supported by its 50-DMA and last operates virtually unchanged at Y78.71, as the yen has also struggled for any topside momentum. A fall past the aforementioned moving average, which intersects at Y78.43, would open up May 19 low of Y78.97. On the flip side, bulls look for a rally towards May 27 high of Y80.18.
Fig. 1: New Zealand BusinessNZ M'fing PMI
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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