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Kiwi Rises On Thursday, Local M'fing PMI Due Shortly

NZD

NZD/USD crept higher Thursday, with bouts of greenback-driven volatility seen in reaction to a beat in U.S. CPI and a post-MonPol press conference with ECB Pres Lagarde. The rate clawed back the prior day's losses, but it is still down on the week as we type.

  • The gov't has released a consultation document outlining eligibility criteria for the new interest deductibility rules and extension of the bright-line test, interest.co.nz reported.
  • Aotearoa extended the suspension of quarantine-free travel corridor with Australia's Victoria by another week. The decision is up for review on Jun 26.
  • New Zealand's BusinessNZ M'fing PMI will be released at the bottom of the hour.
  • Next week, focus in NZ turns to PSI (Monday), food price index (Tuesday), BoP current account balance (Wednesday) and GDP (Thursday).
  • NZD/USD last trades -8 pips at $0.7194, with bears looking for a fall through Jun 3 low of $0.7126, towards May 4 low of $0.7116. Bulls need a clearance of Jun 7 high of $0.7243, before targeting Jun 1 high of $0.7288.
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