NZ GDP for Q1: 1.1% forecast 0.5%, Q42011: 0.4% (revised from 0.3%)
Source: Statistics New Zealand
This is the strongest quarterly growth since the 1.2% posted for the March Quarter of 2007.
Manufacturing was up 1.8% and was the biggest contribution to the overall growth. There was also strong growth in business and agriculture. Exports was down while imports was up.
The NZD was buoyed after this release. While other majors held below today’s high against the USD, NZD/USD was able to break it, cracking above 0.80 after the release, but dropping back a few hours later to where the consolidation resistance had been for the week near 0.7985 as of 9:00PM EDT.
Fan Yang CMT is the Chief Technical Strategist, currency trader, and the main contributor to FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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