The Kiwi dollar continues to follow global trends due to a lack of domestic catalysts. This will continue to be the case next week as there are no data releases worth noting in New Zealand until the 15 July central bank meeting.
A domestic development we still want to highlight is the resilience in housing prices. CoreLogic data showed a 22.8% year-on-year increase in prices in June, up from 20.5% in May. The inability of government measures to effectively curb the housing bubble in New Zealand is one factor that, in our view, continues to argue in favor of an earlier than expected tightening.