The New Zealand Dollar was squarely focused on last week on the all-important quarterly GDP release. The kiwi got an early lift during with week after Prime Minister Jacinda Ardern mistakenly said she was "pretty pleased" with gross domestic product growth having received a "hint" ahead of the official release of the second-quarter economic data.
In the end, the release was upbeat, with year-over-year GDP coming in at 2.8%, up from economists’ forecasts of 2.5% and the prior 2.7%. The quarterly growth measure similarly exceeded expectations, at 1.0%, compared to the estimate of 0.8% and the previous 0.5%.
Elsewhere on the data front, Global Dairy Trade (GDT) which fell 0.7% in the previous auction, declined 1.3% and we also saw the release of Westpac Consumer Sentiment survey, which showed confidence among New Zealand households has seen a significant drop. The Westpac-McDermott Miller Consumer Confidence Index fell by 5.1 points to 103.5 in the September quarter, its lowest level in six years.