Rebound in the Australian and New Zealand economies is better than expected – NAB

Having witnessed the key events from the Pacific nations, National Australia Bank (NAB) signaled in a report, published during early Thursday morning in Asia, that the Oz and NZ economies are firmer.

Even so, the NAB matched the tunes of the Reserve Bank of Australia (RBA) while saying, “Wage growth in Australia is expected to be weak for some time ahead.”

“March quarter GDP recovered to pre-Covid level,” added NAB.

FX implications

The report portrays brighter days for the dollars of Australia and New Zealand, AUD and NZD respectively. However, the pre-NFP cautious sentiment and a lack of major data/events restrict the immediate moves of the stated currencies versus the US dollar.

Read: AUD/USD wavers around mid-0.7700s, China open, RBA’s Debelle eyed