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Weekly roundup: Stronger NZ inflation limits New Zealand dollar downside

currency-newsWeekly roundup: Stronger NZ inflation limits New Zealand dollar downside
A stronger uptick in the first quarter New Zealand inflation rate offered the New Zealand dollar a boost last week.
 
Rising inflationary pressure helped to improve the appeal of the risk-sensitive New Zealand dollar, even though the odds of any Reserve Bank of New Zealand (RBNZ) action remained low.
 
Meanwhile, stronger March retail sales data offered support to the Australian dollar as consumer spending rebounded from its February contraction.
 
A general improvement in market risk appetite also encouraged NZD and AUD exchange rates to hold onto a positive footing, particularly as the appeal of the US dollar faltered.
 
If the Australian inflation rate picks up in the first quarter, this could offer the Australian dollar a fresh boost against its rivals.
 
Confidence in the health of the New Zealand economy may well improve with the release of March’s set of trade data.
 
If the trade surplus continues to widen, anxiety over the health of the New Zealand outlook is likely to diminish, even as the impact of Covid-19 continues to linger.
 
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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