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New Zealand’s economy is, in US dollar terms, the 56th largest worldwide, but its currency, the New Zealand dollar, is the 10th most widely traded currency in terms of average daily turnover.


  • Forecasts

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    Despite solid growth and limited spare resources, policy easing may continue until inflation strengthens. The external deficit may weigh on NZD. Bond yields will rise prior to short rates and spreads will rise. download »
  • FX Notes

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    The NZ dollar has been oscillating during recent months. High export prices are keeping the currency at high levels by historical standards. We are using NZD as a funding currency. download »
  • Focus Notes

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    Global trend employment, and thereby GDP, growth stands to be weighed down increasingly by slower population growth and ageing, and past offsets from rising female participation may diminish. download »
  • Economics

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    • GDP growth has slowed towards 2% but capacity utilisation is very high and unemployment is low. Inflation is in the middle of the RBNZ's 1%-3% target range. The external deficit is near 4% of GDP. download »
  • Markets

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    • NZD remains above its real mean. Futures price in a steady policy rates in the next two years. Yields are up but still close to lows; spreads are little changed and low. Equity returns have been mid-tier. download »
  • Investing

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    • NZ short-term interest rates are nearing their trough. Bond yields are extremely low and are likely to rise with global yields. The currency may depreciate if the external deficit widens. download »