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Kiwi down as Business Confidence and RBNZ loom

Published June 27, 2018

The NZD is down against all majors this morning as markets remain fixated on the tit-for-tat trade war, and ahead of the RBNZ cash rate decision tomorrow morning. The RBNZ are expected to keep rates on hold at 1.75% and markets will be watching for any changes in the statement to the timing and direction of future rate hikes. RBNZ Governor Orr opened the door in his last statement for a rate cut, although this is perceived as unlikely.

US Consumer Confidence falls in June

The US consumer confidence report released overnight showed that consumer confidence fell unexpectedly to a reading of 126.4 for the month of June vs forecast of 128.0. Economists blamed the dip in confidence on escalating tensions between the US and its trade partners and the report potentially signals some cooling in consumer spending. The USD shrugged this off.

Data today:

Locally we have NZ Trade Balance out at 10.45am this morning and later in the day the ANZ Business Confidence numbers which are both expected to underwhelm and will be watched for signs of ongoing pessimism among businesses.

US durable goods out tonight