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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 consolidated last week, the pair finished last week ~0.4% softer from last Monday's opening levels, dealing in a narrow ~2% range over 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 dominant macro driver however 10 year yield differentials and Global equities both provided some direction.
- Kiwi looked through strength in Agriculture prices, which didn't appear to provide much support to the NZD.
- Over the longer time frame 2,5 and 10 year rate differentials and Global Commodity prices provide the main drivers of the NZD.
Fig 1: NZD/USD Correlation with Global Macro Drivers:
Source: Market News International (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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