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NZ GDP dips into negative territory

Written by Sam Coxhead on December 23rd, 2010.      0 comments

12:01 PM (NZT) NZ GDP figures released disappointed at -.2% versus an expectation of +.1%. This adds weight to the RBNZ’s view that the recovery had slowed somewhat. Whilst we are not the only economy to delve back into negative growth, this will add to the heavy nature on the NZD as we head into the end of the year. Along with the disruption in Canterbury by the earthquake, manufacturing, mining and construction were the weakest sectors.
          Last 24 hours trade
  Current level Pre-NZ GDP Chge NZ GDP   Low High
NZD/USD 0.7411 0.7415 -0.1%   0.7403 0.7452
AUD/USD 0.9995 0.9997 0.0%   0.9952 1.0012
NZD/AUD 0.7417 0.7425 -0.1%   0.7407 0.7458
AUD/NZD 1.3482 1.3468 0.1%   1.3408 1.3500
NZD/GBP 0.4815 0.4822 -0.1%   0.4783 0.4835
NZD/EUR 0.5657 0.5664 -0.1%   0.5637 0.5681
NZD/JPY 61.95 61.98 0.0%   61.90 62.35
NZD/CAD 0.7510 0.7520 -0.1%   0.7503 0.7573

The NZD has been lower since the release , but has ground its way back. I would not be surprised to see a little more pressure come back on it in the London time zone, as all evidence points to very low levels of liquidity in the Asian time zone at present.