New Zealand terms of trade for Q3: -4.4% q/q
- -4.5% expected
- +0.3% prior
- First drop in the ToT since Q4 2012
- Dairy prices lower by 11%
- Even excluding dairy, export prices down 0.9%
- New Zealand Q3 seasonally adjusted export volumes -0.1 % q/q (Reuters ‘expected’ from poll +0.5 pct)
- New Zealand Q3 seasonally adjusted import prices -0.1 % q/q (Reuters ‘expected’ from poll -0.8 pct)
- New Zealand Q3 seasonally adjusted export prices -4.5 % q/q (Reuters ‘expected’ from poll -4.6 pct)
Already from NZ this morning: RBNZ’s Wheeler: Says inflation targeting remains appropriate
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NZD not much of a response to the data