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Kiwi Flat Ahead of Long Weekend

Published May 31, 2019

The Kiwi Dollar opens marginally lower this morning with fairly minimal moves across global markets overnight. U.S Q1 GDP was around market expectations and there has been little in the way of fresh news on the U.S-China trade front. Yesterday’s NZ “Wellbeing Budget” had little impact on the currency as expected.

US GDP

US first quarter GDP grew by 3.1 percent, slightly lower than the initial 3.2% projection from the Bureau of Economic Analysis, the Commerce Department reported overnight. Market reaction to the reading has been relatively muted with the US Dollar Index trading flat on the day.

Looking ahead, we have Chinese Manufacturing data released this afternoon, followed by U.S consumption data overnight. The data out of China will be closely watched in Australia and has the potential to move the currency if we see a surprise number. Next week sees the much anticipated RBA decision on interest rates, as well as a host of U.S economic announcements including non-farm payrolls next Friday.