Daily Currency Update

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NZD recovers during Friday’s trading session

NZD - New Zealand Dollar

The Kiwi gained back some of it’s losses against the USD after touching a 1 week low of 0.7139 to open at 0.7251 this morning. The recovery is mostly owing to US consumer spending figures released Friday night that came back less than expected. Retail sales data for April were unchanged with figures coming in at 0.0%, compared to an expected figure of 1.0%.

The New Zealand Treasury will release their annual budget Thursday midday. Outlining the government’s budget for the year, their financial objectives and planned investments, this can have a significant impact on the economy depending on the spending and borrowing levels.

Key Movers

In addition to lower retail sales data, a preliminary survey conducted by the University of Michigan in the US that asked respondents to rate the relative level of current and future economic conditions deteriorated to 82.8, compared to last month figures of 88.3 and widely missing the market expectations of 90.2.

Later in the week, we can expect to see some major movements in the Euro as manufacturing and services PMI data will be released Friday afternoon. This data shows the level of a diffusion index based on surveyed purchasing managers in the manufacturing and services industry.

Expected Ranges

NZD/AUD: 0.9220 - 0.9420 ▲

NZD/CAD: 0.8650 - 0.8890 ▼

NZD/EUR: 0.5865 - 0.6065 ▼

GBP/NZD: 1.9045 - 1.9220 ▲

NZD/USD: 0.7130 - 0.7385 ▲