• Govt. finances flattered by corporate tax and timings
• BNZ Confidence Survey hits record high
• Commodity prices soft landing from recent spikes
• We expect Q1 building rose 3% but slower wholesaling
• NZ markets eye RBA decision, Australian Q1 GDP
• While even the US Fed doves are talking QE tapering
This NZ data week is relatively parsimonious – about just the monthly fiscal accounts, commodity price updates and a couple of indicators for Q1 GDP. This, as we count down to the 13 June Monetary Policy Statement, which RBNZ Governor, Graeme Wheeler, for all intents and purposes, outlined in his speech last Thursday morning. Expectations of a hawkish step, given all the stronger than expected news since the March MPS, have been doused for now.
Click here to read the full report: FX Research
BNZ