The Kiwi Dollar opens at similar levels to yesterday as investors await a big week of economic data and announcements. Overnight saw US consumer spending rebound toward the end of Q1, coming in at a 0.9% increase vs expectations of 0.7%. Whist the data was positive, the big announcements come later in the week with the US Fed rate decision on Thursday morning, and non-farm payrolls on Saturday.
NZD Trades Narrow Range Ahead of Local Data
On the local front we have consumer confidence data out this afternoon, which is not expected to show any improvement, although the survey results will have been taken prior to the recent government announcement to scrap its capital gains tax policy. Tomorrow sees the release of NZ Q1 unemployment numbers which have the potential to move the Kiwi.
Trade Negotiations Continue
US and China continue trade negotiations this week, with officials from both sides meeting in Beijing to finalize an agreement. If successful, U.S officials will then meet again in Washington next week to get President Trump’s input and sign off.
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