💱Citi Terms of Trade Index: Norway, New Zealand, Australia
- Rosbel Durán
- Oct 3, 2021
- 1 min read
**As seen in the Macro Walk Report 10/01/21 cablefxm.co.uk/reports
ToT NZD index has been declining since its Q1 peak at circa 25, now at 12. The divergence in antipodes' terms of trade is clear as the Australian index continue to rise, now at 59, vs. 46 last week.
The same trend can be noted in Canada and Norway, seems like from the commodity front, New Zealand has less of an advantage than its high-beta peers
In the long-term, FX rates are tied to the ToT index as this reflects the relative demand for the country's exports
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