NZD/USD is gaining strength following the Reserve Bank of New Zealand (RBNZ) governor Orr's positive comments on the state of the economy. "The economic activity domestically and internationally has been more resilient than earlier assumed," Orr said during the post-rate decision press conference while taking note of the below-target inflation and employment. Adding to the [...]
At its September monetary policy meeting, the Reserve Bank of New Zealand (RBNZ) board members decided to keep the Official Cash Rate (OCR) unadjusted at a record low of 0.25% for the fourth month in a row, as widely expected. Members agreed a lower OCR would be complementary to its other monetary policy tools, and [...]
New Zealand's Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity. “The 12.2 percent fall in quarterly GDP is by far the largest on record in New [...]
New Zealand Retail Sales Ex-Inflation for the second quarter (Q/Q, Q2) arrived at -14.6% vs expectations of -15.0% and prev -0.7%, putting sales 14.2 percent lower on the year. Sales values drop to historic levels, Twelve of the 15 industries had lower sales in the June 2020 quarter compared with the June 2019 quarter. The [...]
