Published at 00:06 (GMT) 20 Mar
Herald: NZ's migration hit a new record in the year through February, driven by more arrivals and fewer departures.
NZ had a net gain of 55,100 migrants in the year through February, almost double the 29,000 gain in the year earlier period. Migrant arrivals rose 16% to a record 112,600, while departures fell 15% to 57,500, the lowest level of departures since 56,700 in the November 2003 year, the agency said.
NZ annual migration has broken records for a seventh consecutive month as NZ's economic prospects look brighter than many other countries. That's helping stoke economic activity, pushing up demand for housing and cars while also reducing pressure on wage inflation by boosting the supply of labour.
On FX, another record migration, seen putting pressure on the housing markets. Thus RBNZ will not be able to cut OCR despite low inflation, with growth still strong. NZD/USD supported by the strong migration numbers. Now at 0.7421, vs NY lows of 0.7373. As AUD/NZD under pressure at 1.0315-20, eye break of 1.03, for test of new lows below 1.0280-90. Given stronger NZ outlook vs Australia. AUD/NZD offers at 1.0350-60/1.0400.
NZD/USD bids at 0.7350-60, offers at 0.7420-50. Greenback recovered most of its post dovish Fed losses. EUR/USD back at 1.0680-85, off lows of 1.0613 - ongoing concerns over Greece. USD/JPY at 120.75-80, off highs of 121.04.
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