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Counter currency catalysts were a big driver for the New Zealand dollar this week, which managed to weather the global risk aversion sentiment to see net gains on the week.

New Zealand Headlines and Economic data
Monday:
- Australia’s conservative party retains power in shocking election result – Aussie pairs gapped higher as it was a surprise that the incumbent party would hold power, contrary to polls results before the vote. The Kiwi followed suit with a gap higher as well, typical behavior as the two closely related countries tend to trade with strong correlation around top tier events.
Tuesday:
- New Zealand credit card spending 4.5% y/y
- Australia to Consider Cutting Rates Next Month, Lowe Says – Kiwi pairs fell in concertn with Aussie pairs after a very dovish speech from RBA Governor Lowe, which apparently traders took as a guaranteed rate cut in June.
- Global dairy prices fall, ending record gaining streak
Wednesday:
Thursday:
- NZ govt mulls widening debt target to allow for stimulus
- Flash U.S. Manufacturing PMI at 50.6 (52.6 in April). 116-month low – the U.S. dollar sold off strongly in reaction to this data which greatly benefited the other major currencies, and is likely the reason why we saw Kiwi pairs strong rise after the event.
Friday:
- New Zealand trade balance comes in below expectations at $433M
- U.S. Durable-goods orders slump in April as business investment almost dries up – Once again, weak U.S. data lead to a sell off in the Greenback, benefiting the other major currencies during the Friday U.S. trading session. Without any other direct catalysts, this is likely the reason for the broad rally in Kiwi pairs.