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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 traded sideways on Monday, as U.S. markets were closed in observance of the Independence Day, which translated into limited trading activity. The kiwi was impervious to the upswing in crude oil amid a prolonged OPEC+ deadlock.
- NZIER have just released their Quarterly Survey of Business Opinion, which revealed "a sharp improvement in both business confidence and demand in firms' own business". NZIER commented that the results "suggest the recovery in the New Zealand economy will remain robust over the coming year".
- NZD/USD has blipped higher this morning after the release of the upbeat NZIER survey, closely watched by the RBNZ. The rate last sits at $0.7036, 9 pips better off. A break above Jun 25 high of $0.7095 would conclude the emergence of a double bottom pattern. Conversely, losses past Jul 2 low of $0.6948 would bring Jun 18 cycle low of $0.6923 into play.
- There is little to rock the boat on NZ calendar during the remainder of this week, but today's monetary policy decision from the RBA may provide some interest to local participants.
- Looking further afield, the RBNZ will deliver their MPR next week. BNZ said in a note that "although we believe a hike in the cash rate now could be easily justified, we are not forecasting one on the day of the Jul 14 MPR," but there is "a reasonable chance that the RBN gives a strong nod that its LSAP problem might be culminated earlier than the Jun 2022 deadline".
Fig. 1: NZIER Ease Of Finding Labour
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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