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.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.