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The New Zealand dollar has another rough week with continued U.S.-China trade tensions growing, putting pressure on risk assets and high-yielders.
New Zealand Headlines and Economic data
Monday:
- China to impose tariffs on U.S. goods despite Trump warning – rising tensions between the U.S. and China is likely the catalyst for the early week risk aversion sentiment and weakness in the Kiwi given how it is close trading partner to China and its proxy, the Australian dollar.
Tuesday:
- New Zealand visitor arrivals dip down in March
- New Zealand house sales slump 11%
- China’s retail sales growth slumps to 16-year low as trade war risks rise – Again, the Kiwi often trades in correlation with Aussie as a proxy to China, so it’s likely the weak update in Chinese retail sales and industrial production added to the pressure the Aussie was likely receiving after the Australian business conditions update
Thursday:
- Australia jobless rate jumps to eight-month highs, Australian dollar stumbles – the Kiwi momentarily saw pressure with the Aussie during this event, as it typically does with most top tier Australian economic events.
Friday: