FX News

FX Update: NZD underperforming

Market Overview

• Eyes will be on the UK Election this week.
• New Zealand Building Permits for May -1.7% vs -1.9% April showing a further slowing to the building industry.
• UK shop inflation rose at its lowest level since October 2021 in June 0.2% m/m vs 0.6% in May.
• Second round French election voting could be an even affair.
• Fed official Williams says the Fed are on the right path to sustainable inflation at 2.0%.
• US Manufacturing contracted for the third straight month in June due to lower demand and higher interest rates.
• New Zealand Business confidence dipped from -25% to -44% ending June.
• As the month of June draws to a close the US Dollar (USD) has outperformed all main board currencies. A close second is the Australian Dollar, while the Japanese Yen (JPY) has been the weakest traded currency over June.

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