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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.
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Free AccessDips To Fresh Lows Before Stabilizing
NZD fell to fresh YTD lows post the Asia close, dipping just beneath 0.6200. We currently sit slightly firmer at 0.6225.
- Amidst continued broad USD strength, NZD performance has been around middle of the pack compared to the rest of the G10 bloc over the past 24 hours. Outperforming NOK, GBP and JPY but slipping against EUR and CAD.
- Yield momentum continues to move against NZD/USD though, the 2yr NZ-US spread back to lows from July last year. We have moved from a recent high of +86bps back to +39bps.
- Earlier, REINZ house sales printed at -28.4% YoY, versus -35.2% YoY prior. The REINZ house price index fell by 1.6% MoM following declines in April and March. In YoY terms we are now up 3.7%, versus 6.3% in April.
- The Q1 current account deficit printed slightly wider than expected at -6.143bn, versus -5.963bn consensus. The deficit as a share of GDP sits at -6.5% in the 12 months to the end of Q1. Tomorrow Q1 GDP prints.
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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.