21 Jul 2014
NZ net migration strongest since Feb 2003 - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, notes that NZ June net migration came at its strongest level since Feb 2003.
Key Quotes
New Zealand June net migration rose to 4270 seasonally adjusted, the strongest reading since Feb 2003. This series was negative as recently as 2012, with the turnaround reflecting the stronger economy. This reading should be a factor in the expected RBNZ rate hike on Thursday, though we do expect a pause to be signalled.
With the NZ data released, the local calendar now offers little more inspiration (e.g. Jun NZ credit card data). A holiday in Japan adds to the quiet start to the week. In Asia we will see Jun Taiwan export orders. The European and US calendars are low key though Q2 earnings season continues in the US. Fed speakers go quiet ahead of next week’s FOMC meeting.
Key Quotes
New Zealand June net migration rose to 4270 seasonally adjusted, the strongest reading since Feb 2003. This series was negative as recently as 2012, with the turnaround reflecting the stronger economy. This reading should be a factor in the expected RBNZ rate hike on Thursday, though we do expect a pause to be signalled.
With the NZ data released, the local calendar now offers little more inspiration (e.g. Jun NZ credit card data). A holiday in Japan adds to the quiet start to the week. In Asia we will see Jun Taiwan export orders. The European and US calendars are low key though Q2 earnings season continues in the US. Fed speakers go quiet ahead of next week’s FOMC meeting.