Investors instead will likely focus on the readings of the construction sector inflation. Other data is minor for markets, i.e. services PMI (Mon), job ads (Thu) and migration and credit card spending (Fri). The GlobalDairyTrade milk auction (Tue) may see prices slip further if futures markets are any guide, weighing on the NZD.
“The NZD /USD reversed lower on 5 July at 0.8075 and we expect the past week’s weakness has further to run. A break below 0.7930 opens the way to 0.7840 during the week ahead, and towards 0.7650 during the month ahead. Our short-term probability model has signaled sell, suggesting the pair has fully priced the good news. Our client flow model shows real money investors have switched stance to bearish.” they add. The pair is currently trading at 0.7870, down -1.16% in European trading.