Daily Alert: NZD back on its uppers, as RBNZ stays on message

  • Both the NZ dollar and NZ interest rates have staged reasonable rebounds over the past 24 hours, particularly the former; global and domestic factors have both contributed.
  • The RBNZ communications machine is still going full tilt following last week’s last-minute call to delay rate hikes.
  • Yesterday’s Q2 retail trade survey was a belter with the 3.3% quarterly expansion in retail volume well above street (2.5%) and our own expectations and provided further confirmation the economy was basically red-lining going into lockdown.

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