Overnight, New Zealand's real GDP data was released, revealing an unsavoury contraction of -0.2% QoQ; the first decline seen after five quarters of expansion. Furthermore, last quarter’s reading was revised lower, dragging it to an anaemic +0.1%, from +0.2% initially. The stalled economic recovery in New Zealand now suggests to us that the RBNZ will be on hold at 3.00% for longer than previously... ...More...


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