FX MARKETS LOOK SET TO DANCE TO A USD BEAT THIS WEEK – ANZ
NZD/USD is struggling to regain its composure after Friday’s slide below the 0.59 level. Economists at ANZ Bank analyze Kiwi’s outlook.
NZ migration and food price data unlikely to shift the dial
FX markets remain very USD centric, with the latest move being driven primarily by a sudden surge in US bond yields. This week looks to have more of the same in store, with US CPI data taking centre stage on Tuesday.
We do get NZ migration and food price data this week, but barring a real left-field surprise, they’re unlikely to shift the dial, whereas US CPI could (for Fed policy expectations and USD). As is typical at turning points (some of which turn out to not be), expect more volatility as markets muddle through the coming weeks.
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