Key Points:
- Worldwide coronavirus cases surpass 169.610 million with over 3.524 million official deaths.
- No change to the RBNZ review Wednesday maintaining their asset buying program of 100B, the RBNZ saying they look to hike rates in the third quarter of 2022.
- The New Zealand Dollar was the weakest currency into Wednesday trading turning this into the best performing currency post the RBNZ statement.
- Iron ore prices came off recent highs as China ramps up their crack down on the commodity. On the Dalian Commodity Exchange (Chinese futures exchange) price dropped 9% last week. The Australian Dollar has struggled off the back of the move with “FE” down at 206.40 this morning.
- The Japanese state of emergency has been extended beyond 31 May – surely this puts the Olympic Games at risk but we suspect due to political implications it won’t be cancelled no matter what.