NZD
The New Zealand currency has traded in a rather tight range with its Australian counterpart so far in 2024, with both currencies largely driven by global factors, more so than domestic developments. There has been very little news to go off since the first half of December. The New Zealand economy continues to appear fragile, and concerns surrounding the health of Chinese demand remains a significant risk to the outlook. A solid rebound in global dairy prices, which are now trading at their highest level since March 2023 is, however, bullish for NZD, and has helped keep the currency rather well bid in recent months. The economic calendar remains fairly light in the next week or so, and we will have to wait for PMI figures (18/01) and the Q4 inflation print (23/01) for the next meaningful macroeconomic data.
