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NZD GDP surprises to the upside

Posted by Akhilesh Ganti on Mar 20, 2013 6:04:00 PM

New Zealands' GDP, the broadest measure of economic activity and health, posted a +1.5% for Q4 easily exceeding market expectations of +0.9%. On a year-on-year basis the rise was +3% -vs- estimates of +2.3%. It was also the strongest quarterly growth since December 2009. NZD/USD jumps to a high of 0.8280 from 0.8227 before the release and currently sits at 0.8262. The broad based nature of this growth has the market re-pricing the odds of further rate hikes even though the RBNZ has all but promised to keep rates steady.

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