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Current Account Deficit Shrinks In Q4, Dairy Prices Moderate

NZD

NZD/USD wavered on Tuesday, holding the prior day's range ahead of the upcoming monetary policy decision from the Fed. A slide into the London morning was short-lived and the pair recouped the bulk of losses later in the day.

  • GDT Price Index fell 3.8% in yesterday's auction, with whole milk powder suffering the heaviest losses (a 6.2% drop). Headline index recorded its first decline after eight consecutive auctions of gains.
  • New Zealand's BoP current account deficit shrunk to NZ$2.695bn from NZ$3.620bn in Q4. Relative to GDP, current account deficit in the 12 months through Dec remained at 0.8%, which was a 19-year low.
  • The rate trades at $0.7192, just above neutral levels. A break above Mar 11 high of $0.7241 would draw attention to Mar 2 high of $0.7307. Conversely, a dip through Mar 12 low of $0.7151 would expose the 100-DMA/Mar 5 low at $0.7104/00 and a cluster of lows located around that area.
  • New Zealand's Q4 GDP is due for release tomorrow.
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