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Australian growth under performs in the 4th quarter

Written by Sam Coxhead on March 7th, 2012.      0 comments

11:45 AM (AEST) The risk aversion increased in offshore markets overnight before stablising late in the US session. The US dollar made up ground against most currencies, with the AUD and NZD under particular heat. Stock markets and oil prices were also lower, and were long end bond yields for the most part globally.
Concerns at downward revision of Chinese growth expectations, have been added to by increased nervousness surrounding the uptake of the Greek debt plan.
In Australia, the statistics department just released the 4th quarter GDP numbers. The weaker than expected number showed growth on the quarter of just .4%, which is around half of “trend” growth. This will start to bring into play the chances of easing again from the RBA in the coming meetings if other indicators also show weakness.
Employment numbers on tomorrow are the next focus for the AUD. In New Zealand the market expects the RBNZ to leave the cash rate unchanged at its meeting at 9am NZT tomorrow.
The NZD has pushed higher against the AUD following the GDP number and is back in its recent range now, after yesterdays strange fall through crucial NZD support levels.

          Past 24 hours
  Current level Pre-AU GDP  % Chge since AU GDP   Low  High
NZD/USD 0.8127 0.8134 -0.09%   0.8096 0.8224
AUD/USD 1.0531 1.0571 -0.38%   1.0520 1.0691
NZD/AUD 0.7718 0.7695 0.30%   0.7650 0.7718
AUD/NZD 1.2957 1.2995 -0.30%   1.2957 1.3072
NZD/GBP 0.5170 0.5173 -0.06%   0.5127 0.5178
NZD/EUR 0.6195 0.6198 -0.05%   0.6161 0.6216
NZD/YEN 65.57 65.58 -0.02%   65.28 67.04
NZD/CAD 0.8141 0.8143 -0.02%   0.8097 0.8172