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NZ Building Consents plummet

Written by Sam Coxhead on January 31st, 2011.      0 comments

5:35 PM (NZT) NZ Building Consents for December plummeted 27% when compared to last year and down for the sixth consecutive month. It was the lowest december reading since reords began in 1965.

Given the geo-political tensions in north Africa dominating market sentiment, the NZD was relatively uneffected by the number. The 4th quarter GDP number due for reolease on March 23 will be closely watched as some commetators are now specualting that we may have a second negative GDP print, in what would be a techincal recession.

Meanwhile there was a Treasury report released today forecasting growth in 2011 to be 3% , which would be double that of 2010. High prices being fetched for our exports and a one off boost from the Rugby World Cup being hearlded as providing the growth.

The ANZ Commodity Index has continued to rise and is at its highest peak since the series began in 1986.

Direction in the FX market will be driven by external factors for the most part this week. With the Labour Cost Index due for release tomorrow providing a little focus ahead of the NZ Employment report on Thursday. Currently the NZD remains close to the upper end of what has been a pretty comfortable .7500/.7800 range for the best part of 3months.