New Zealand September commodity price index +1.8% m/m (prior +2.1%)

The September ANZ Commodity Price Index for New Zealand:

  • +1.8% m/m in September

In New Zealand dollar terms, the index fell 0.2% m/m as the NZD Trade Weighted Index lifted 1.0%.

The index tracks the prices of 17 of New Zealand’s major commodity exports, including dairy products, meat, wool, forestry products, and seafood.

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As part of this report ANZ remark on Global shipping prices:

  • continue to bounce around as shipping route disruptions persist.
  • Escalated tensions in the Middle East have resulted in the majority of container ships opting for the longer route around Cape Horn rather than risking the more direct passage through the Suez Canal.
  • The Baltic Dry Index lifted 12% during September, but other shipping indices softened during the month. This includes the China Containerized Index, which has eased as we are now past the seasonal peak in exports from China.
  • Dock workers in the United States are currently striking, which is expected to cause considerable delays at many ports.

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ANZ have projected a 50bp rate cut from the Reserve Bank of New Zealand next week:

Other previews:

This article was written by Eamonn Sheridan at www.forexlive.com. Source