Financial Markets Wrap

An Overdue Recovery in NZD

Jason Wong -
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- NZD performs strongly in May, up 2½% on a TWI basis
- Supported by high risk appetite and rising NZ export commodity prices
- Downside bias to bond rates

Commodity Currencies Soft in April

Jason Wong -
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- The NZD continued its run of underperformance
- NZD TWI down 2% in April and 6% for the three months ending April
- Market-friendly French Presidential election outcome supports risk appetite and EUR

A Broad-Based NZD Sell-Off in March

Jason Wong -
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- In March, the NZD was down 2-4% on all the major crosses we monitor…
- …not entirely justified when we consider fundamental forces
- Little change in global interest rates