For the NZD traders, if interested, the latest monthly report from NZ's Treasury: Monthly Economic Indicators for February 2019
In summary:
Labour market data was weaker than expected for the December quarter, with the unemployment rate coming in above expectations at 4.3%.
- The labour force expanded by 0.4%
- Wages grew moderately
Retail spending volumes grew strongly
- indicative of solid private consumption growth
- supports our forecast of 0.6% real GDP growth in the December quarter
Overseas trade data showed a record January month deficit of $914 million
- Petroleum products led imports higher but growth was broad-based
- Strong dairy production and higher prices, following the sell-off of European intervention stocks, drove up exports
- We expect continued good agricultural growing conditions and an improving price outlook to support export growth in coming months
Growth in New Zealand's main trading partners stabilised in the fourth quarter of 2018 (2018Q4), despite continued cooling in the advanced economies.
- In Australia, the Reserve Bank of Australia revised down its growth forecasts, reflecting a weaker consumption outlook.
(bolding mine)
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On the session so far the NZD has drifted off from its early trade talk insorired high:
- WSJ report 'U.S., China Close In on Trade Deal'
- ICYMI: WSJ report 'U.S., China Close In on Trade Deal'
