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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/USD tumbled Wednesday as continued risk aversion sapped strength from the Antipodeans, while an above-forecast U.S. CPI reading sparked concerns mounting price pressures, even as Fed officials reiterated that they see any jump in inflation as transitory. NZD/USD sank through the $0.7200 mark, posting the largest daily decline since Mar 23.
- REINZ House Sales soared more than fourfold in April. Sales rose 419.7% Y/Y to 7,218 after a 31.2% increase in March. House Price Index surged 26.8% Y/Y to a record high of 3,775. The sensational headline readings masked important details. REINZ commented that Y/Y comparisons were distorted by last year's lockdowns, while both sales and median price fell compared to March. That being said, monthly declines were expected due to seasonal factors, with March being typically the busiest month for NZ housing market.
- Elsewhere, New Zealand's food price index rose 1.1% M/M in April after a flat reading in March.
- New Zealand's BusinessNZ M'fing PMI comes out on Friday.
- NZD/USD last sits +7 pips at $0.7165, with bulls looking for a break above May 10 high of $0.7305. Bears would like to see a resumption of losses and a clean breach of May 4 low of $0.7116 would suggest that they are taking control.
Fig. 1: REINZ House Sales Total vs. REINZ House Sales Y/Y (%)
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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