Key events and NZD not doing much despite GDP – Rabobank

FXStreet (Guatemala) – Analysts at Rabobank noted that overnight in New Zealand we saw Q3 GDP, which was better than expected at 0.9% q-o-q (though with Q2 revised down from 0.3% to 0.2%, so y-o-y growth stayed unchanged at 2.3%).

Key Quotes:

“NZD is another currency that hasn’t reacted hugely to the Fed’s Awakening yet at 0.6773. However, it’s evident that the government at least was a lot happier when it was at the other end of the 60 range.

This morning also saw Japanese trade data, where exports were -3.3% y-o-y but imports collapsed 10.2%, helping to narrow the deficit more than expected.

Later we will have the German IFO survey, where the business climate is seen unchanged at 109.0, current conditions likewise at 113.4, and expectations slightly higher at 105.0; then UK retail sales (consensus is 0.5% m-o-m, 2.2% y-o-y: not quite the pre-Xmas splurge one might have expected given positive economic sentiment); and then theUS Philly Fed survey, down from 1.9 to 1.0.

In EM Asia, Indonesia also has a rate decision, where ‘no change’, the general market reaction to the Fed so far, is again expected.”

Analysts at Rabobank noted that overnight in New Zealand we saw Q3 GDP, which was better than expected at 0.9% q-o-q (though with Q2 revised down from 0.3% to 0.2%, so y-o-y growth stayed unchanged at 2.3%).

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