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17 Feb 2014
Flash: New Zealand busy calendar off to a positive start - BNZ
FXStreet (Bali) - This week’s New Zealand data are off to a positive start, notes Craig Ebert, Economist at Bank of New Zealand.
Key Quotes
"overall, the Q4 retail volumes were still expanding very well in a trend sense. This was perhaps best reflected in annual growth of 3.7%, and 3.5% in respect to the ex-auto measure. The retail results were certainly good enough for our GDP expectations."
"January’s PSI certainly kept the GDP story marching along quite merrily. It hit a heartier 58.1, seasonally adjusted, from 57.6 in December. And the composition was even more encouraging, with new orders going nuts, at 66.1, implying the fall in inventory (45.6) was because ofsurprisingly strong demand. Interestingly, January’s PSI strength was mainly in the Northern (read: Auckland) and Otago/Southland regions, while the growth pulse from Canterbury/Westland struggled to maintain itself."
"Perhaps most important of this morning’s news, though, was Tony Alexander’s survey of REINZ agents. This showed a big bounce back in most of its gauges just when the earlier trend looked to be of a petering. We can’t imagine the Reserve Bank will be pleased with the results. Not after the QVNZ/REINZ housing data of last week gave the impression of slowdown (albeit not nearly as weak as the headline results, and the media interpretation, suggested)."
Key Quotes
"overall, the Q4 retail volumes were still expanding very well in a trend sense. This was perhaps best reflected in annual growth of 3.7%, and 3.5% in respect to the ex-auto measure. The retail results were certainly good enough for our GDP expectations."
"January’s PSI certainly kept the GDP story marching along quite merrily. It hit a heartier 58.1, seasonally adjusted, from 57.6 in December. And the composition was even more encouraging, with new orders going nuts, at 66.1, implying the fall in inventory (45.6) was because ofsurprisingly strong demand. Interestingly, January’s PSI strength was mainly in the Northern (read: Auckland) and Otago/Southland regions, while the growth pulse from Canterbury/Westland struggled to maintain itself."
"Perhaps most important of this morning’s news, though, was Tony Alexander’s survey of REINZ agents. This showed a big bounce back in most of its gauges just when the earlier trend looked to be of a petering. We can’t imagine the Reserve Bank will be pleased with the results. Not after the QVNZ/REINZ housing data of last week gave the impression of slowdown (albeit not nearly as weak as the headline results, and the media interpretation, suggested)."