FX News

FX Update: Kiwi Back Under Pressure

Market Overview

Key Points:

• New Zealand second quarter consumer confidence 83.1 vs 77.7 prior
• ECB confirms we will see a rate hike in July, but September is uncertain.
• Airbus lands second massive order of aircraft from India this year of 500 planes following the previous order of 470 making this the biggest order in history with a value of over 300B.
• China cuts lending rates as the economy starts to slow, the PBOC projected to cut rates again on the 20th of June.
• North Korea is said to be increasing its nuclear weapons production.
• The British Pound (GBP) has been the standout performer in the past week compared to the Japanese Yen (JPY), the worst performing currency.

Major Announcements last week:
German economic sentiment -8.5 vs -13.4 expected
US CPI y/y 4.0% vs 4.1% down form 4.9%
Federal Reserve leave rates on hold at 5.25%
Australian unemployment down at 3.6% from 3.7%
US Retail Sales 0.3% vs -0.2% expected.

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