Market Overview
• US Equities turned down to close the week with the NZD struggling to remain above 0.6000. Early Monday prices revealed “risk” is back on as confidence returns with the NZD and AUD both bouncing higher.
• June Japanese CPI 2.8% y/y vs 2.9% expected.
• US President Biden has removed himself from the presidential race for the 2024 election – Not entirely unexpected. All 50 Democratic US State Chairmans are backing Vice President Kamala Harris to be the next Presidential nominee. The nomination is still a few weeks away from being decided. US Presidential Election odds- Trump 61%, Harris 31%
• New Zealand Trade Balance for June is a 699M surplus compared with 54M surplus in May.
• British Retail Sales dips by 1.2% in June following a rise of 2.9% in May.
• Canadian Retail Sales slumps as high interest rates keep shoppers away.
• The Japanese Yen (JPY) was the best performing currency last week with the New Zealand Dollar (NZD) the worst traded currency.