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NZD Stable Ahead of Central Bank Speeches

Published May 21, 2019

The NZD opens in a tight range, in light trading ahead of key central bank speeches.

The April BNZ-Business NZ Performance of Services Index eased to 51.8 from 52.3 in March, resulting in a 3rd consecutive fall and the lowest reading since September 2012. Activity/sales, employment and stock/inventories led the decline and could provide further support for the RBNZ to ease again with Services making up about two-thirds of the economy.

Japan reported its economy grew +2.1% vs expectations of -.2% for the first quarter in 2019, and up from +1.9% in the previous quarter. While these are better than expected, growth has been driven by imports falling faster than exports and not a strong sign of expansion.

Federal Reserve Board Chair Jerome Powell is speaking at Atlanta’s Federal Reserve Bank conference at 11am on “Assessing Risks to our Financial System”.

RBA meeting minutes are released today at 1.30pm along with a speech by the RBA Governor which markets will be watching closely to see if an easing bias is adopted. NZ Dairy Auction’s released overnight along with US existing home sales.