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Markets had been expecting New Zealand GDP data  Q4 growth of just 0.6%qtr which was below  the RBNZ forecast of 0.8%.

  • The 2.3% Y/Y miss, vs 2.5% exp and 2.6% prior is concerning.  
  • Markets are priced about 50/50 for a rate cut by Sep.

NZD/USD is mixed on the data – 35 pip  range.

About  NZ GDP

The Gross Domestic Product released by the  Statistics New Zealand  is a measure of the total value of all goods and services produced by New Zealand. The GDP is considered as a broad measure of New Zealand economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the NZD, while a falling trend is seen as negative (or bearish) for the NZD.