Analysts at ANZ suggest that for the NZD it has been far more about global themes of late, and in particular whether or not global trade tensions are set to escalate.
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“There have been both good and bad headlines regarding that this past week, but news that tariffs on an additional USD200bn of Chinese imports is set to be introduced, and that China will possibly decline to participate in fresh talks with the US, will likely keep risk capped and the NZD trading defensively.”
“We still think economic conditions justify AUD/NZD being higher (NZD/AUD lower). However, the wobbles seen in risk appetites are likely to mean AUD continues to struggle.”
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