11:05 AM (NZT)
The just released Q2 NZD GDP numbers reveal .6% growth on the quarter against a market expectation of .4% rise. A slight downward revision of the Q1 result saw the rise pared back .1% to 1.0%.
Agriculture and construction lead the strength in the numbers with milk prices and the Christchurch rebuild starting to impact.
The NZ dollar was weak into the number, seeing supply on most crosses. This appeared to be some position taking into the number as the NZD saw some reasonable demand as positions were covered following the mildly positive result.
Offshore markets have continued to take a breather for the most part this week. The market has settled down after the Bank of Japan (BOJ) announced yesterday an extension of quantitative easing efforts. It looks like a response to the FED's moves last week and a direct undermining of the YEN to protect exporters. The result was immediate weakening of the YEN, subsequently the YEN has seen demand and on the balance the BOJ will not be pleased with the short term results.
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