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NZD: Commodity price index posts first gain in six months – Deutsche Bank

FXStreet (Delhi) – Darren Gibbs, Chief Economist at Deutsche Bank, notes that the ANZ index of prices for New Zealand’s main commodity exports rose 5.5% mom in September in world price terms – the first increase since March.

Key Quotes

“As expected the increase was led by the dairy sector (average prices rising 15.1% mom), with partially offsetting contributions from price declines for meat, horticultural, forestry and seafood commodities.”

“The index was still down 18.2% yoy but should show some further improvement in October as rising dairy prices continue to feed through. With the NZ dollar weakening in September the NZD-denominated index rose 9.3% mom and was 2.7% higher than a year earlier.”

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