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.

New Zealand Trade Balance

New Zealand’s October Trade Balance came in better than expected as Exports increased and Imports fell slightly. There was little market reaction as risk and commodity pairs remain offered as we head into the US holiday.

• Trade Balnnce – Survey:-450M   Actual:-282M   Prior:–751M
• Exports – Survey:3.76B   Actual:3.88B   Prior:3.44B
• Imports – Survey:4.27B   Actual:4.16B   Prior4.19B

New Zealand 2yr Inflation Expectation

The RBNZ 2-year inflation expectation for the 4th quarter came in slightly softer than the prior increase at 2.8% vs. 2.9%. The market has had a muted reaction to this release.

New Zealand Q3 Producer Prices

Producer Prices in New Zealand softened in the 3rd quarter as commodity prices made their yearly lows.  The details of the release are as follows:

• Producer Prices – Inputs (QoQ) – Actual:0.6.%   Prior:0.9%
• Producer Prices – Outputs (QoQ) – Actual:0.2%   Prior:1.4%

New Zealand Consumer Confidence

The ANZ Consumer Confidence reading for November came in weaker than the prior month. The index had a reading of 109 this month vs. 112.2 the prior, the month over month reading fell by -2.9% (-0.4% prior.)

New Zealand Unemployment Report

The Kiwi Employment Report came in much worse than expected and the NZDUSD pair moved to last sessions lows and stopped even as the report missed expectations significantly. The details are as follows:

• Unemployment Rate – Survey:6.4%   Actual:6.6%   Prior:6.5%
• Employment Change(MoM) – Survey:0.6%   Actual:0.2%   Prior:0.0%
• Employment Change  (QoQ)- Survey:1.6%   Actual:1.1.%   Prior:2.0%
• Participation Rate – Survey:68.5%   Actual:68.4%   Prior:68.4%

RBNZ Keeps Rate Unchanged

As expected the RBNZ kept rates at 2.5%, however commenting that the countries commodities “remain very strong sent the Kiwi ~80 pips higher through the 82 cent handle. Bollard also commeted that the NZD was overvalued, driven by high commodity prices and that intervention ‘can’t move a trend.’ The Kiwi has lost very little of its bid as it again approacjhes all-time highs.

Moody’s say NZ budget measure support Aaa rating

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