New Zealand Dollar To Become The Worst Performing Currency GDP Report Post
18 June 2015, 16:32
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The New Zealand economy grew very slightly in the first quarter in the last two years, so the more strengthen the possibility for the Central Bank of New Zealand (RBNZ) toreturn to slashing benchmark interest rate (OCR) at least next month.
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Figures for gross domestic product (GDP) New Zealand only rose 0.2 percent of GDPin the fourth quarter, let down by declining output of dairy products that become the mainstay New Zealand exports, as recorded by the country's National Bureau of statistics in Wellington today. The figure is much lower compared to the RBNZ targetsby as much as 0.6 percent.
The Kiwis Slumped
New Zealand dollar eventually became the worst-performing currencies in the last three months, again slipping in anticipation if the RBNZ will add cutting interest rates, which last week was reduced to 3.25 percent. Low cost loans and terdepresiasinyaexchange rate will strengthen the competitiveness of its exports, while house prices in Auckland seemed still surged. The New Zealand dollar dropped 1.11 percent to0.69.07 U.s. dollar at 3 in the afternoon in Wellington, although U.s. dollars are likely to be weak post-Christmas FOMC. The currency has declined about 8 percent against the u.s. dollar in the three month terakhri.
According to economists from Westpac Banking Corp. that was interviewed byBloomberg, the phenomenon is back open will likely interest rate cuts OCR back in July by RBNZ. The biggest surprise, thinks happened on sector investment business(business investement expenditure), where the data looks very weak.
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