OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex Flash: NZ GDP leads to 35% chance RBNZ hike by year end - BNZ

FXstreet.com (Barcelona) - The NZD ends Thursday as the best performing currency on the great NZ GDP read 24 hours ago and solid NZD/EUR demand, resulting on the rate being taken above 0.8300.

According to Mike Jones, Currency Strategist at Bank of New Zealand: "NZ’s GDP soared 1.5% in Q4 2012, taking the annual increase to a very respectable 3.0%. The expansion was bigger than anyone expected, including the RBNZ, which, like us, had picked a 0.8% lift. There was nothing weird in the Q4 GDP, rather, growth surprised across a significant number of industries."

Mike adds that in isolation, "the GDP data substantially reduce the RBNZ’s ability to wait until mid-2014 to raise interest rates and, indeed, the market now prices a roughly 35% chance of an OCR hike by year end."

.

New Zealand Feb Visitor Arrivals (YoY) rises to 8.5% vs -2.5%

Read more Previous

Forex Flash: Cyprus Popular Laiki bank limits withdrawals to €260/day - Societe Generale

As Sebastien Galy, currency strategist at Societe Generale, notes, "the Eurozone is insisting on the 100K protection which consequently leaves the offshore depositors to take the risk."
Read more Next
Start livechat