The grind lower continues. NZD/USD is 0.2% weaker thismorning, holding just above 0.8410. Yesterday’s eye-watering construction data was unable toprovide the NZD any relief. Building work put in place inQ1 rose by 16% q/q, the fastest pace on record. Nowonder, given the curiously soft reads at the end of lastyear combined with peppy leading indicators this year.This punchy report presents upside risk to forecasts ofNZ’s Q1 GDP (due 19 June).
Read the full report: FX Daily
BNZ