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NZ Business PMI, retail sales eyed - BNZ

FXStreet (Bali) - Craig Ebert, Economist at BNZ, reviews the upcoming NZ retail sales and business PMI data, noting that they are looking for a 0.8% gain in real (inflation-adjusted) terms, with the market median at 1.0%

Key Quotes

"We’re looking for a 0.8% gain in real (inflation-adjusted) terms, with the market median at 1.0%. Something of this order would certainly be consistent with the recent degree of positivity emanating from the consumer sector. A 0.8% would be a solid follow-on from Q1’s 0.7% gain. But note that such an outcome would see annual growth ease to 3.1%, from 3.8% in the previous quarter, as a huge 1.5% gain in Q2 last year drops out of annual calculations."

"Spending by the NZ business sector is always a little harder to get a handle on. However, by the look of employment and capital expenditure trends, firms have their cheque books well and truly open. Then again, there seems more than enough money for it, with profit indicators from business surveys having burgeoned to very strong levels over the last 6-12 months. In this regard, it will be interesting to see how the now-underway quarterly corporate reporting season goes..."

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