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Muted Reaction As Q3 GDP Above Expectations

NZD

So far there has been a muted reaction in NZD post the Q3 GDP beat. QoQ printed at 2.0%, well above the top sell side estimate (1.3%), YoY printed at 6.4% vs 5.5% exp. The previous QoQ was revised higher to 1.9%, previous YoY revised lower to 0.3%.

  • NZD/USD registered a small bid to $0.6460, but has seen little follow through. Note the APAC/NY crossover may be limiting liquidity. NZ government bond yields are higher post the print, 2yr back to 4.72%, 10yr near 4.18%.
  • AUD/NZD was offered printing a post-data low at 1.0620, the pair had seen selling interest at 1.0660 overnight as bulls look to re-test the 1.06 handle.
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