GDP growth to slow this year, coronavirus a new risk to economy
Fundamental Forex Analysis

GDP growth to slow this year, coronavirus a new risk to economy

New Zealand’s (NZ) Treasury is out with its monthly economic indicators report, with the key takeaways found below.

Data released over December and January showed a more optimistic near-term outlook for the domestic economy, but coronavirus poses new risk.

Businesses displayed reduced levels of pessimism, however, sentiment remains negative.

Rising house prices, falling median days to sell and strong consent issuance are expected to produce sustained high housing market activity into 2020.

Improvement in global outlook set back by coronavirus outbreak.

FX Implications

The New Zealand dollar remains on the back foot following the release of the above report, leaving NZD/USD meandering in a tight range near a multi-week low of 0.6453 reached last week.

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