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The Swiss franc recovered some of its losses last week. Economic data continues to point to disruptions from Trump’s upending of global trade. After a jump in June, real exports sank in July (-2.7% MoM). US-bound exports rose 1.1%, as buyers raced against time to avoid paying steep levies on products such as watches or machinery.

The Reserve Bank of New Zealand (RBNZ) is widely expected to cut rates by 25bp to 3.0% on 20 August. We expect to see indications that one final cut will follow, in line with market expectations and our own call. We retain a constructive view on NZD/USD, primarily on the back of expected USD weakness as the Fed restarts cutting
























