New Zealand data: ANZ Commodity Price index for May: +1.5% m/m (prior +1.0%)

ANZ track NZ commodity prices for NZ exports

+1.5% m/m after +1% I April and the 5th straight rise

And, in NZD terms (NZD had fallen):

• + 5.0% m/m and annual growth +6.8%

Terms of trade: up

NZD: down

What's not to lurve?