Breaking: NZD/USD dumps on big miss in NZ GDP
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Stats New Zealand released the fourth quarter Gross Domestic Product as follows:
- New Zealand GDP SA QoQ for Q4: -0.6% vs. est -0.2%; prev 2.0%.
- GDP +2.2% YoY vs. expected +3.3%, prior 6.4%.
NZD/USD has dropped around 25 pips on the data:
0.6150 support is eyed as a key level to the downside as per the daily chart´s M-formation pulling the price into the neckline:
About New Zealand´s GDP
The Gross Domestic Product released by the Statistics New Zealand is a measure of the total value of all goods and services produced by New Zealand. The GDP is considered as a broad measure of New Zealand economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the NZD, while a falling trend is seen as negative (or bearish) for the NZD.
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