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Quarterly RBNZ Inflations Expectations Survey results

Written by Sam Coxhead on August 23rd, 2011.      0 comments

3:45 pm (NZT) The just released Reserve Bank of NZ (RBNZ) quarterly Survey of Inflation Expectations showed that inflation expectations slightly eased for the  two year timeframe over the last quarter. The 2year inflation expectation was at 2.9% vs 3.0% previously. Interestingly, both growth and employment expectations were ahead of previous reads. Here is a link to the survey for those with further interest (please note this is a RBNZ conducted survey of businesses- and not findings from NZ statistics). RBNZ Inflation Exp Survey
Meanwhile in offshore markets overnight, the uncertainty continued. Events in Libya have seen softer oil prices at times, but markets remain volatile. Once again Europe debt spreads pushed out, and the cost of insuring European Bank debt are at higher levels than in the post Lehman collapse in 2008. The equity markets remain mixed and gold has once again reached a new all time record at 1,911 USD per ounce before easing back. Expect conditions like these for the remainder of the week ahead of the central bankers meeting in the US starting late Friday.
Earlier this afternoon the much followed HSBC Chinese Purchasing Managers Index was released at 49.8 vs 49.3 previously. There had been rumours this number was going to be very ugly, so we saw a  bounce in the currencies following its release. But overall the most currencies remain well within yesterdays range.
          Past 24 hours
  Current level Pre-RBNZ Infla. Exp.  % Chge RBNZ Infla. Exp.   Low High
NZD/USD 0.8255 0.8246 0.11%   0.8156 0.8279
AUD/USD 1.0428 1.0428 0.00%   1.0370 1.0475
NZD/AUD 0.7916 0.7908 0.10%   0.7830 0.7923
AUD/NZD 1.2633 1.2645 -0.10%   1.2621 1.2771
NZD/GBP 0.5012 0.5002 0.20%   0.4948 0.5023
NZD/EUR 0.5745 0.5733 0.21%   0.5677 0.5750
NZD/YEN 63.42 63.30 0.19%   62.53 63.56
NZD/CAD 0.8170 0.8162 0.10%   0.8064 0.8176