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Strong 1st QTR NZ GDP

Written by Sam Coxhead on June 21st, 2012.      0 comments

11:10 AM (NZT) The 1st quarter New Zealand GDP numbers just released show a strong  1.1% increase in activity against an expectation of +.5%. Interestingly the strength was broad based. Agriculture benefitted from a good growing season and manufacturing and the services sector were also strong.  The NZD is stronger across the board as can be seen in the table below.
The whippy price action continued in offshore markets overnight, with neither the bulls or the bears able to gain ascendency. The directionless trade highlights uncertain nature of many aspects of the global economy. The FED have increased their “Operation Twist” in an effort to maintain low longer term interest rates. Also they maintain further quantitative easing (QE) as a tool available for use should it be required at a later date.
The BOE monetary policy meeting minutes reveal how close they were to adding to their QE program last meeting and it confirms the likely action they will take next month.
High level of nervousness remains in Europe. The news wires were full of conflicting noise overnight. Pressure is mounting on Germany to enable full blown support of stressed debt markets with the various support funds in place, but as yet unutilised.
          Past 24 hours
  Current level Pre-NZ GDP  % Chge since NZ GDP   Low High
NZD/USD 0.8006 0.7959 0.59%   0.7911 0.8010
AUD/USD 1.0195 1.0185 0.10%   1.0129 1.0198
NZD/AUD 0.7853 0.7815 0.48%   0.7790 0.7851
AUD/NZD 1.2734 1.2796 -0.49%   1.2737 1.2837
NZD/GBP 0.5095 0.5065 0.59%   0.5041 0.5094
NZD/EUR 0.6308 0.6271 0.59%   0.6247 0.6308
NZD/YEN 63.64 63.25 0.61%   62.61 63.64
NZD/CAD 0.8160 0.8113 0.58%   0.8082 0.8160
Topics: NZ GDP