The Reserve Bank of New Zealand have published their latest "Foreign exchange and derivative turnover survey"
While it doesn't appear they have made any comments on NZD valuation (they normally take every opportunity they have to tell us its overvalued, right?) they talk about turnover slipping (bolding mine):
- The New Zealand dollar dropped one place to the eleventh most traded currency globally, with an average daily turnover of US$105 billion.
- "The decrease in foreign exchange turnover (which is measured in USD terms) was largely the result of the appreciation of the United States dollar. In New Zealand dollar terms, average daily turnover rose 5.6 percent. Total global foreign exchange turnover fell from US$5.3 trillion to US$5.1 trillion per day over the past three years, but rose slightly on an exchange rate adjusted basis.
- "Foreign exchange spot turnover in New Zealand is dominated by trading-partner currencies such as NZD/USD, NZD/AUD, and USD/EUR. Together, this accounted for 65 percent of all local spot turnover in April 2016. Most foreign exchange trading occurs in major international financial centres and 93 percent of all New Zealand dollar turnover occurs offshore.
More here
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ps. For a broader view of FX turnover, check this out from earlier: Daily currency trading falls to $5.1 trillion from $5.4 trillion - BIS
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Also, some data from New Zealand ...
Q2 Construction work up 5.5% q/q (expected +2%, prior +5.7%, revised from +5.3%)
- Residential construction work +5.6% q/q
- non-residential +5.3% q/q
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You probably don't need me to tell you but none of this having too much impact on the NZD (its down a few tics only).
Rates updates:
