Global Themes

Kiwi in good stead post RBNZ
The Kiwi remains firm across the board after RBNZ positive on domestic growth.
RBNZ’s positive view on domestic growth, coupled with a steady US American Jobless claims print and a rebound in oil prices has helped the NZ dollar remain supported against is major counterparts overnight.
Net migration also continues to set new records, with a net inward gain of 72,000 in the last 12 months to May. Whilst the RBNZ is increasing banks lending restrictions, this influx of people will put further pressure on the current housing supply and demand imbalances.

NZDAUD around six month highs
NZDAUD has broken to .9625 area, a level not seen since January.
The NZDEUR was also up 0.3%.

The kiwi looks to be offering importers good value as we enter the busy quarter end payment period.
US data dominate next week
Raft of US data will be in focus for much of next week.
Looking ahead we have US Durable Goods, Trade Balance, Consumer Confidence and GDP data next week that could have some strong influence on the NZDUSD.

For more information on upcoming market events, please download our latest Global Currency Outlook and June Risk Events Calendar.
By Rakesh Desai -- Corporate FX Dealer NZ

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