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AUD/NZD and Chinese customs

Australian Prime Minister Morrison is asking the World Trade Organization to resolve Chinese tariffs on wine.
Speaking ahead of the G7 Plus summit in Britain, Morrison seeks support for modernizing global trade rules and given the new deterioration in Sino-Australian relations.

Relations come at the back of a crisis in which Australia, along with other countries, including the UK and the US, has been investigating the virus’s origins, pointing the finger at its biggest trading partner China.
Beijing has since imposed restrictions on billions of dollars in Australian exports, including one of their largest wines.

The BTO must have a binding dispute settlement system to address the growing use of economic coercion, Australian Prime Minister Scott Morrison said on Wednesday as Canberra seeks G7 support in its dispute with China, Reuters reported.

AUD/NZD

Relations with China, already strained after Australia banned Huawei from its growing 5G broadband networking in 2018, have further cooled after Canberra called for an independent investigation into the origins of the coronavirus pandemic this year, first reported in central China last year.

Now little news for the New Zealand dollar: The manufacturing sector in New Zealand continued to grow at a faster pace in May, according to the latest Business NZ survey on Friday with a production performance index of 58.6.
That’s more compared to the smaller revised 58.3 in April, and growth continues further above the 50 line separating expansion from contraction.

Individually, all five components remain in expansion, including manufacturing 65.3, new orders 63.7, deliveries 53.5, finished inventory 52.4, and employment 51.5.Overall, production activities continue to grow rapidly, culminating in an 11-year high for May, said Business NZ Production Executive Catherine Beard. However, this has put upward pressure on entry prices in most countries, including New Zealand, given respondents’ comments who point to increased raw material costs.

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