**As seen in Macro Walk report 06/25/2022, subscribe at cablefxm.co.uk/reports
As every week, we run through the data series in our Macro Walk report. One known positive historic correlation is the AU-N.Z. differential in terms of trade and AUD/NZD spot FX
Spot has detached from the ToT index spread, which is at the highest levels since 2008. Meanwhile, AUD/NZD is stuck in the higher end of its trading range, near 1.10. It is worth noting that the last time the differential hit these levels, AUD/NZD was closer to 1.25, that's 12% from last price
The recent rise in the ToT index spread is mostly driven by a sharp deterioration in N.Z. terms of trade, the N.Z. Citi ToT index is currently at 12.7 vs 21 back in mid-March
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