New Zealand economic growth data from Q4 2024.
New Zealand’s economy
grew 0.7% q/q
- the Reserve
Bank of New Zealand had forecast the economy to grow by 0.3%
The NZ economy had been in recession in the June and September quarters, recording its worst result (outside of the pandemic) since 1991.
NZD/USD is a little higher in the wake of the data, around 0.5820.
The Reserve Bank of New Zealand has cut its cash rate target at the last three meetings, by 50bp each time. The RBNZ does tend to move quickly when it deems necessary. Some might say that 3* 50bp rate cuts in a row is indicative of Bank that hiked too far. Comments welcome!
This article was written by Eamonn Sheridan at www.forexlive.com.