NZ Treasury: Increased the downside risk to near-term GDP growth forecasts, Kiwi clings to 0.6500

Dhwani Mehta FXStreet

New Zealand’s (NZ) Treasury is out with its monthly economic indicators report, with the key highlights found below.

Weak domestic business confidence and global concerns weigh on GDP growth prospects.

Household confidence remains resilient, supporting consumption outlook.

Fuel, food and rent drive consumer price inflation.

Ongoing trade uncertainty weighed on global business activity in the June quarter.

Global consumer spending holds up, supported by rising wages and solid labor markets.

The Kiwi keeps its range near 2-month lows of 0.6489 amid the US-China trade escalation and growing NZ economic risks.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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