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NZD Boosted

FOREX

The greenback has declined in early trade on Tuesday, volumes still thinner than usual with US markets absent on Monday for a holiday. AUD/USD is up around 12 pips ahead of the RBA announcement later in the session.

  • NZD/USD is faring better than its Antipodean counterpart up 28 pips. NZIER released their Quarterly Survey of Business Opinion, which was upbeat and revealed "a sharp improvement in both business confidence and demand in firms' own business". Also supporting NZD is a revision to the RBNZ view of ASB, who now expect the next OCR hike in November.
  • JPY is stronger, USD/JPY is down around 15 pips. Data showed Japan May household spending rose 11.6% Y/Y while labour cash earnings rose 1.9% Y/Y. There were report that Japan is set to extend its coronavirus quasi-state of emergency in Tokyo which could impact the upcoming Olympic games.
  • Offshore yuan is stronger, there are no data releases on the docket today, markets look ahead to inflation data on Friday.
  • GBP/USD still looking firm after UK PM Johnson earlier confirmed plans to go ahead with the July 19 deadline for removal of coronavirus restrictions.
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