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Forex Flash: Key Kiwi data ahead - BNZ

There are 3 key quarterly economic surveys in New Zealand this week, which according to Craig Ebert, economist at Bank of New Zealand, will help define the Q4 GDP report estimates for New Zealand due on March 21.

"We have our mind on revising up our Q4 GDP growth estimate, presently it’s 0.7% - on a production basis - but our expenditure GDP measure – built on such things as private consumption, investment, inventories, public expenditure and net exports - is now well through 1.0%. This week’s data could thus help a lot with the cross-referencing" Crag notes.

In any case, "there is a good chance of New Zealand’s GDP advancing better than that of Australia’s for the final quarter of calendar 2012. That’s our gut feel, at least. We just need some hard data to back it up" Mr. Ebert adds.

Forex: USD/JPY flat above 93.50

With monetary base data in Japan just released showing the most increase YoY in 12 months at 15% when previous was 10.9% and expected 11.5%, and Nikkei index opening above the 11650 points up +0.68%, USD/JPY keeps flat for the moment from previous weekly close Friday, last at 93.56. The pair prints session lows at 93.35, and highs at 93.69, gaining +8.75% year to date, and +19.34% in last 6 months.
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