For the NZ dollar traders, a quickie privew of merchandise trade (for May) and ANZ's business survey (for June)
2245GMT New Zealand trade balance for May
- expected surplus of 100m, prior surplus 263m
- exports expected 5.25bn NZD, prior 5.05bn
- imports expected 5.10bn, prior 4.79bn
0100GMT ANZ Business Survey (June)
- Activity outlook prior 13.6
- Business confidence prior -27.2
This via BNZ / NAB:
This week's data … will test the idea that New Zealand's economic growth is picking up, after a moderate March quarter. The biggest obstacle to this is likely to be Wednesday's ANZ business survey.
- Its activity indicators have been struggling to indicate annual GDP growth of 2%, let alone the circa-3% we forecast for calendar 2018, while its confidence reading is camped deep in negative territory.
- We can't see what would have boosted respondents' expectations during June. It will also be a matter of assessing a range of data pertaining to May.
For Wednesday's merchandise trade we expect 9% annual expansion in each of exports and imports, consistent with the idea of a rebound in export volumes, and steady growth in real imports, in Q2.
- This would present a small surplus for May, of $68m, similar to what it was in the same month last year.
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And a reminder for kiwi traders - the RBNZ is tomorrow:
