MNI China Daily Summary: Thursday, December 12

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MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

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Kiwi's Having Worst Week Since Jan, Consumer Confidence Lifts Off Record Lows

NZD

Greenback strength weighed on NZD/USD Thursday, with the pair descending through the $0.6500 mark, lodging worst levels since mid-2020 and extending losses to six days in a row.

  • The rate last trades flat at $0.6490. The next layer of support is provided by price congestion within the $0.6385-77 area, which limited losses in Jun 2020. Bulls need to reclaim Jan 28 low of $0.6530 before targeting Apr 20 high of $0.6813.
  • New Zealand's consumer confidence index climbed to 84.4 in April from 77.9 prior, according to monthly ANZ survey. The authors of the survey noted that despite that uptick from a record low, sentiment is still "extremely pessimistic". Worth noting that inflation expectations eased to +5.6% Y/Y from +6.0%.
  • Data highlights next week include building permits (Tuesday) & labour market report (Wednesday).
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