FX News

Key Points This Week

FX Update

Key Points:

  • New Zealand food prices gained 9.6% y/y to July with fruit and Veg +6.2%, meat, poultry and fish +9.3% and non-alcoholic beverages +9.1%. Grocery prices +11.9%.
  • ANZ has revised down the farmgate milk price for the 2023/2024 season from $8.20 to $7.15.
  • NZ Manufacturing dropped in the month of July to 46.3 vs 47.5 in June, the lowest level since January 2023.
  • US July Federal deficit 221B vs 109B predicted pushing up yields and downgrading the greenback.
  • US CPI y/y printed at 3.2% vs 3.3% expected, up from 3.0% in June.
  • Recession worries are diminishing in the US in the small business sector showing optimism in growth.
  • The US Dollar (USD) has been the strongest currency this week with the New Zealand Dollar (NZD) and Japanese Yen (JPY) the worst performers.
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