The kiwi has dropped against the greenback amid broad US dollar strength and the mixed NZ data ahead of China’s headline inflation figures, namely the Consumer Price Index (CPI) and the Producer Price Index (PPI) for May.
New Zealand’s Q1 Manufacturing Sales eased from 0.5% to 0.4% but the Manufacturing Activity rose 2.1% versus -0.2% prior on a seasonally adjusted basis but it is less than the forecast of 3.7%.
ANZ Business confidence shows an improvement of -0.4 which is better than forecast of -6.5. whereas ANZ activity outlook shows a drop of 29.1 against the forecast of 29.8
Elsewhere a recent news seems to favor the kiwi lightly, The pandemic has shaken up the rankings of the world’s most liveable cities, a study released yesterday showed, with metropolises in Australia, Japan and New Zealand leaping ahead of those in Europe.
Auckland tops The Economist’s annual survey of the world’s most liveable cities in 2021 followed by Osaka and Tokyo in Japan, Adelaide in Australia and Wellington in New Zealand, all of which had a swift response to the Covid pandemic.
The Economist Intelligence Unit said “Auckland rose to the top of the ranking owing to its successful approach in containing the Covid-19 pandemic, which allowed its society to remain open and the city to score strongly.”
Another news was recorded, About 30,000 nurses in New Zealand walked off their jobs on Wednesday (Jun 9) in a nationwide eight-hour strike after negotiations with the government for better pay and working conditions failed.
The strike action came after the New Zealand Nurses Organisation (NZNO) rejected a 1.4 per cent pay hike proposed by the District Health Board earlier this week.
On the other hand, The US decision makers are about to pass a $200 billion stimulus to have machines ready to compete with China. Elsewhere, market players remain divided over the reflation and the Fed’s action amid policymakers’ rejection of strong data.
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