New Zealand terms of trade for Q4 2018: -3.0% q/q (expected -1.0%)

An index of export and import prices, this for the fourth quarter of 2018

• Export volumes up 0.8% q/q, export prices were down 1.7%
• Import volumes up 0.2% q/q , import prices increased 1.4%a

The bad miss on expectations should be a negative input for the NZD. At the same time we got great building permit data, which are a positive!

• New Zealand Building Permits for January: +16.5% m/m (prior +5.1%)