NZ GDP sa (QoQ) Q3: 14.0% (exp 12.9%; prev -12.2%)
|New Zealand's Gross Domestic Product SA (Q/Q) for the third quarter (qtr) arrived as 14.0% (exp 12.9%; prev -12.2%) - GDP (YoY) Q3: 0.4% (exp -1.8%; prev -12.4%).
Key figures
- NZ Q3 s/adj production based GDP +14.0 pct on pvs quarter (Reuters poll +13.5 pct).
- NZ Q3 s/adj production based GDP+0.4 pct on same qtr year ago (Reuters poll -1.3 pct).
- NZ annual average prod-based GDP -2.2 pct in third qtr vs year ago (Reuters poll -3.0 pct).
- NZ Q3 s/adj expenditure-based GDP +15.6 pct on pvs quarter (Reuters poll +12.5 pct).
The release has highlighted less clawback in activity than what was expected following the very severe 2Q slump.
This data will have embedded the expectations that the Reserve Bank of New Zealand will be in no hurry to cut-rate again.
However, the bullish impact on NZD may be fairly short-lived considering its lofty heights.
NZD/USD technical analysis
NZD/USD Price Analysis: Bears waiting for confirmation of institutional profit-taking
Weekly chart
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