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NZD/USD Testing Recent Lows At 0.6057, OIS Softer

NZD
  • NZD/USD is testing recent lows, with the pair down 0.30% at 0.6057. OIS is slightly softer this morning, down 3bps with 33bps of easing by Nov 24.
  • The 2y swap is 4bps below mornings high, while the 10y swap is trading towards morning highs with a bull-steepening of 2s10s swap curve
  • Earlier, Business confidence in New Zealand weakened further in the June quarter, with a net 35% of firms expecting economic deterioration and 28% reporting a decline in activity, as elevated costs, higher interest rates, and uncertainty impact hiring and investment plans, particularly in the building construction sector.

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