ANZ Truckometer for May: -2.1% (prior was +1.2%)

• prior was +1.2%, revised up from +0.5%

From ANZ:

• The ANZ Heavy Traffic Index fell 2.1% in May (sa).
• Flows on 7 of the 11 roads used to construct the index fell in the month (sa).
• We can still discern an upward trend in the index amidst monthly volatility.
• Suggests the economy will keep rolling on into the second half of the year.

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The Reserve Bank of New Zealand meets on Thursday (New Zealand time) and will release the monetary policy statement. Expectations are still high for another hike in the official cash rate (to 3.25%) but are by no means the certainty they were for the prior hikes.