The New Zealand Dollar was the strongest of the majors this week, opening at a one-week high of 0.6868 this morning against the United States Dollar. Most of this gain can be attributed to the Reserve Bank of New Zealand’s Monetary Policy Statement on Wednesday, with further upward movement due to Manufacturing Index and Visitor Arrivals data releases on Friday morning. Today should see a quiet day for movement due to banking holiday President’s Day observed in the United States
In terms of macroeconomic data, Statistics New Zealand will release their quarterly PPI data Wednesday morning. The two releases will show the changes in price of goods purchased and domestics goods sold by manufacturers and are leading indicators of consumer inflation. The GDT report is also tentatively expected to be released on Wednesday, showing the changes in average price of dairy product sold at auction. As a major commodity for New Zealand, rising prices can boost the nation’s export income.