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Q3 NZ GDP disappoints.

Written by Sam Coxhead on December 20th, 2012.      0 comments

11:45 PM (NZT) The belated NZ 3rd quarter GDP number have just been released and reveal just a .2% rise in activity on the quarter. Market expectations were for a .4% rise, but given the horrible run of associated data already released from the 3rd quarter, this should have come as too much of a surprise.
The NZ dollar continues to give up some its recent gains across the board and confirms  thinking, that there was some kind of “flow” driven demand behind the move over the last couple of weeks. Now that the “flow” is out of the way the NZD should settle down back towards less seemingly overbought levels across the board.
Offshore markets remain illiquid and patchy ahead of the Christmas break and confirmation of some kind of can kicking fiscal deal between Obama and Congress in the US.
Currency pair Current level Pre-RBNZ Percentage change 24 hour range
NZDUSD 0.8338 0.8368 -0.36% 0.8338 0.8417
AUDUSD 1.0477 1.0482 -0.05% 1.0475 1.054
NZDAUD 0.7958 0.7979 -0.26% 0.7954 0.7993
AUDNZD 1.2566 1.2533 0.26% 1.2511 1.2572
NZDGBP 0.5133 0.5148 -0.29% 0.5128 0.5175
NZDEUR 0.6311 0.6320 -0.14% 0.6283 0.6360
NZDJPY 70.09 70.58 -0.69% 70.07 70.91
NZDCAD 0.8245 0.8267 -0.27% 0.8240 0.8289
Topics: NZD