New Zealand PM Luxon: Remain confident about NZ economic recovery

New Zealand's Prime Minister Christopher Luxon crossed the wires in the last hour, saying that the sharp deterioration of financial markets in early April has somewhat recovered, but markets remain volatile.

Additional Quotes:

• The international environment clearly matters a lot, but I remain confident about our recovery.
• Budget 2025 net capital allowance is NZ$4 billion vs prior estimate of NZ$3.6 billion.
• Total capital expenditure allocation in Budget 2025 is NZ$6.8 billion.

Market Reaction:

The NZD/USD pair sticks to its modest intraday gains around the 0.5950-0.5955 region and, for now, seems to have stalled the previous day's sharp retracement slide from the 0.6020-0.6025 area, over a two-week high.