The NZD has lifted in trade since our report on Friday. The moderate lift has come on the back of an overnight rise in the CRB index and commodity currencies and fall in the USD. The economic calendar has been quiet in NZ of late which will again be the case this week. Of interest last week was the small rise seen in the latest dairy price auction (+2.1%) and weak NZIER business confidence survey. March retail card spending released yesterday showed an easing in spending on the month prior. This may reflect the waning confidence being experienced by many consumers in light of the conditions being seen in the agricultural sector. Other data set for release this week includes the latest Food Price Index and March business PMI data. These low ranking releases will once again ensure that the NZD derives its moves from offshore events which include US retail sales and inflation data later in the week.
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