BNZ's weekly market report highlights a trim to Q1 GDP forecasts due to weak construction data and notes ongoing volatility in the NZD driven by geopolitical tensions and robust US data.
Key Takeaways
- 1.Q1 GDP forecast trimmed to 0.7% from 0.9% due to disappointing building sector activity.
- 2.NZD/USD experienced a sharp 3.2% decline, pressured by Middle East tensions and strengthening US economic data.
- 3.The ECB is widely expected to hike interest rates by 25bps this week.
Table of Contents
- Building Dampens Q1 GDP Thoughts
- Global Watch
- Key Event Previews
- Fixed Interest Market
- Foreign Exchange Market
- Technicals
- Quarterly Forecasts
- Annual Forecasts
- Key Upcoming Events
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Authors
Doug SteelJason WongStuart Ritson
Securities
NZD/USDExport Development Canada 5-year bond
Themes
Economic growth uncertaintyGeopolitical riskInterest rate path
Regions
GlobalMiddle EastEuropeNew ZealandUnited StatesAustralia