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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 AccessLocal Data Fail To Move Kiwi
NZD/USD took a nosedive Thursday as a negative lead from the equity space undermined risk appetite, while the greenback garnered some strength post-ECB MonPol decision. The pair is headed for a weekly loss, having weakened on each consecutive day since last Friday.
- A slew of second-tier local data releases have failed to impress the kiwi this morning.
- New Zealand's m'fing activity grew 1.2% Q/Q in the three months through end-March, but higher inflation masked a 3.5% Q/Q decline in volume.
- Growth in retail card spending slowed to +1.9% M/M in May from +7.1% prior. StatsNZ noted that "fuel spending partly contributed to the May month’s increase, up NZ$51 million (8.9%) from the previous month."
- Seasonally adjusted filled jobs data for Q1 were "almost unchanged" from the preceding quarter, StatsNZ said, as "the arrival of Omicron in combination with a tight labour market may have helped slow some of the recent jobs growth."
- Looking further afield, focus turns to New Zealand's BoP current account balance (Wednesday), GDP (Thursday) & BusinessNZ M'fing PMI (Friday).
- NZD/USD trades flat at $0.6385 at typing. From a technical standpoint, the next layer of support is provided by May 18 low of $0.6291. Conversely, a rebound above Jun 3 high of $0.6576 would reinstate the recovery trend.
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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.