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NEW ZEALAND
The RBNZ noted some higher frequency indicators that it looks at and drove its view that there was greater excess capacity in the economy than previously thought influencing Wednesday’s 25bp rate cut. One of these indicators is card transactions and July printed today up 0.7% m/m to be down 0.8% y/y but retail fell 0.1% m/m and 3.9% y/y, the sixth consecutive monthly decline. July is in line with the RBNZ’s view of weak growth.
- Core retail spending was weaker than the headline falling 0.5% m/m. Hospitality and apparel fell sharply, while motor vehicles and fuel rose strongly and consumables moderately.
- Non-retail ex services, which includes health and travel, rose 2.1% m/m, while services increased 0.7% m/m.
NZ card transactions y/y%
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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