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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 was pressured last week, down ~1%, dealing in a 1.4 cent range through the week. The table below presents levels of correlations between NZD and key macro drivers (note the yield differential reflects swap rates).
- There was no standout macro driver in NZD/USD last week however Global Equities and 5-Year Yield Differentials showed the strongest correlation to the pair.
- NZD/USD looked through stronger agriculture prices last week.
- Over the longer time frame there is, again, no standout macro driver. Correlations with Yield Differentials have weakened a touch however they remain the more dominant macro driver for NZD/USD over the last month.
Fig 1: NZD/USD Correlations with Global Macro Drivers
Source: MNI/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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