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New Zealand Dollar Edges Higher after Sharp New Year Slump

Last week’s high: NZ$1.9214

Last week’s low: NZ$1.8907

GBP/NZD Slumps from Two-Week High as FOMC Minutes Boost New Zealand Dollar

The GBP/NZD exchange rate was making sharp gains at the beginning of this week, despite disappointing UK PMIs and a strong rise in dairy prices at the latest Global Diary Trade auction, which should have boosted the New Zealand Dollar.

NZD did find some support midweek, however, thanks to the minutes of the US Federal Open Market Committee’s (FOMC) latest monetary policy meeting, which showed that US policymakers remain concerned by weak inflation.

NZD Outlook: Chinese and US Inflation Data to Cause Volatility

What little data is present on the New Zealand data calendar next week will be easily overshadowed by the Chinese and US inflation figures.

The Chinese consumer price index, due on Wednesday, will show how consumer demand is holding up in China; a major trade partner for New Zealand. Meanwhile, US inflation data has the potential to drastically alter market risk appetite, weakening or strengthening demand for the high-risk New Zealand Dollar.

Key Events

10th January

01:30 CNY Consumer Price Index (YoY) (DEC)

09:30 GBP Industrial Production (YoY) (NOV)

09:30 GBP Manufacturing Production (YoY) (NOV)

09:30 GBP Trade Balance (NOV)

13:00 GBP NIESR Gross Domestic Product Estimate (DEC)

 

11th January

09:30 GBP Bank of England Credit Conditions & Bank Liabilities Surveys

21:45 NZD Building Permits (MoM) (NOV)

 

12th January

13:30 USD Consumer Price Index (YoY) (DEC)

13:30 USD Consumer Price Index Ex Food and Energy (YoY) (DEC)

 

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To keep up to date with the New Zealand Dollar, visit the NZD blog in our Currency News section.

Joe Mayhew


Senior Currency Broker
T: 01442 892 060

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