New Zealand CPI

New Zealand’s Consumer Price Index for the 4th quarter came in well below expectations, the details are as follows:

• CPI (QoQ) – Survey:0.4%   Actual:-0.3%   Prior:0.4%
• CPI (QoQ) – Survey:2.6%   Actual:1.8%   Prior:4.6%

New Zealand Commodity Prices

ANZ Commodity Prices Index for December fell by -0.8%, less than the prior months decrease of -1.0%. Commodity sensitive currencies had a muted reaction following the release.

New Zealand House Prices

House Prices in New Zealand rose in December by  2.4% on a year over year basis, better than the prior increase of 1.7%. The market had a muted reaction to the release.

New Zealand Trade Balance

The Kiwi opened the week on a lower with the Euro trading below 1.27 and as expected a softer Trade Balance release for November.

• Trade Balance – Survey:-300M   Actual:-308M  Prior:-282M
• Exports – Survey:3.90B   Actual:3.91B   Prior:3.88B
• Imports – Survey:4.20B   Actual:4.22B   Prior:4.16B

New Zealand Q3 GDP

New Zealand’s 3rd quarter Gross Domestic Product fell below expectations on a year over year basis as the NZDUSD  hit all time highs in early August. However, the pair moved higher following the release as the quarterly reading beat expectations, the details of the release are as follows:

• GDP (QoQ) – Survey:0.6%   Actual:0.8%   Prior:0.1%
• GDP (YoY) – Survey:2.2%   Actual:1.9%   Prior:1.5%

New Zealand Consumer Confidence

ANZ Consumer Confidence in December declined by less -0.6% than the prior month, where the reading had also declined by -2.9%. The Index also fell to 108.4 from a prior reading of 109, the Kiwi had a muted reaction as it remains under pressure.

New Zealand House Prices

New Zealand House Prices rose in November but the market had a muted reaction as risk currencies remain under pressure as no resolution seems to be on the horizon and rates fall.

• REINZ House Price Index – Actual:3304.3   Prior:3268.5
• REINZ House Price Index MoM% – Actual:1.1%   Prior:-0.3%
• REINZ House Sales YoY% – Actual:16.9%   Prior:28.3%

New Zealand Manufacturing Activity

Manufacturing Activity in New Zealand fell in the 3rd quarter to flat 0.0% vs. the prior quarters growth of 2.1%. The volume also showed a worse decline from the Q2 at -1.4% (-0.7% prior.)

Also released were House Prices (YoY) which rose by 1.7% in November.

The Kiwi had a muted reaction to this release as the RBNZ kept rates unchanged earlier, although some economists suspected the possibility of the cut.

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