Open Demo Account
Home / Breaking News / NZD/USD nosedives on big miss in New Zealand’s GDP

NZD/USD nosedives on big miss in New Zealand’s GDP

Mohamed Abdelhamid 16 March, 2023 2:03 am Breaking News, Forex Market, Market Update

Stats New Zealand released the further quarter Gross Domestic Product. New Zealand GDP SA (QoQ) Q4: -0.6% (est -0.2%; prev 2.0%).

New Zealand’s dollar is getting smacked after softer local GDP data. NZ GDP was 2.2% y/y in Q4 vs 3.3% seen and down from 6.4% prior. Odds of an RBNZ rate hike in April have been fading since Wednesday, a 25bps move is now about 50% priced in.

The Reserve Bank of New Zealand has been saying for months and months and months that it’ll hike rates into the recession. As for forex reaction, the NZD/USD pair has dropped around 25 pips on the fresh GDP data. The NZD/USD pair is trading at 0.6155 at the time of writing.

Tags

Check Also

Where US Economy Stands Prior To Election Results

As voters prepare to choose the next president, the U.S. economy is, by most measures, …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends