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Currency Market Analysis

Jul 27, 2021 | Currency Market Analysis

Global Themes

NZDUSD at one-week highs despite trade numbers; NZDAUD highest since December

• NZD higher across markets
• Trade numbers weaker, driven by higher imports
• NZDAUD at seven-month highs ahead of Australian CPI

NZD grinds higher

The NZD was mostly higher yesterday with the local currency gaining despite some disappointment from the June trade figures.

The June trade balance was reported at NZD261m versus expectations for NZD297m.

The weaker number was mainly driven by a jump in imports – up 24% over the last 12 months.

NZDAUD at highs

The NZDUSD gained 0.4% as it climbed to new one-week highs.

The NZDEUR was up 0.1% while the NZDJPY climbed 0.2%.

The NZDAUD gained 0.3% as it reached the highest level since December.

Australian inflation due

The US economy remains in focus with durable goods orders due at 12.30pm.

US consumer confidence number are released at 2.00am.

Tomorrow, Australian inflation numbers are key, with the NZDAUD’s recent gains at risk if we see a higher than expected Australian CPI number.

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