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

New Zealand Producer Prices

Producer Prices in New Zealand jumped in the 1st quarter of 2011, pushing the Kiwi up ~20 pips. The details of the release are as follows:

• Producer Prices Inputs (QoQ) – Actual:2.2%    Prior:0.9%
• Producer Prices Outputs (QoQ) – Actual:1.7%    Prior:0.2%

New Zealand Employment Report

The Kiwi moved 30 pips higher after the better than expected employment report. However, the currency could come under pressure heading into the summer with the US QE2 coming to an end, which could help push commodities lower along with the Kiwi and Aussie.

• Unemployment Rate – Survey:6.7%   Actual:6.6%   Prior:6.8%
• Employment Change (QoQ) – Survey:0.6%   Actual:1.4%   Prior:-0.5%
• Employment Change (YoY) – Survey:0.8%   Actual:1.8%   Prior:1.3%
• Participation Rate (QoQ) – Survey:68.1%   Actual:68.7%   Prior:67.9%

Kiwi/USD re-testing trendline support

For the second time today the NZD/USD is testing bullish trendline support. Seen below, the pair tested the line on April 28th and then traded to a high of .8119; a level not seen since March of 2008. After testing the line at the beginning of the session, it than tested the 38.2% line on the move from April 28th low to yesterday’s high. If support holds we look to .80439 as the first key level to the topside.

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