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NZD Trades Narrow Range

Published May 29, 2019

The Kiwi Dollar opens at around the same levels as yesterday, trading a very narrow range over the past 24 hours. This morning sees the latest ANZ business confidence survey result, which has the potential to move the NZD. Elsewhere, markets were fairly quiet as the U.S returned from the Memorial Day long weekend.

USD Firms on Consumer Confidence Data

The U.S Dollar was generally stronger on the back of positive data released overnight. U.S consumer confidence rose by more than expected to its highest level since 2000, with the index showing a reading of 134.1 vs market expectations of 130.0. Interesting that consumers are fairly upbeat, despite business concerns over the ongoing trade war and its impact on the economy. The next big data out of the U.S is Q1 GDP on Thursday night.

No Signs of Progress on Trade War

U.S – China trade tensions continue to weigh on market sentiment. More mixed messages overnight with President Trump saying he was “not ready to make a deal with China”. On the other side of the fence, China’s foreign ministry commented that any disputes between China and the US should be resolved through talks. During a press conference, a spokesman criticized the US, while claiming Beijing’s attitude has always been consistent, further acknowledging that China is more eager to reach a deal.