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May 11 edition of the BNZ Weekly Overview

May 11 edition of the BNZ Weekly Overview

See BNZ Weekly Overview In PDF Format:
http://img.scoop.co.nz/media/pdfs/0605/WOMay11.pdf

Its been another good week for exporters with the NZD falling almost two cents against the Aussie dollar, to 33.5 pence from 34.7 a week ago, and 62.2 cents against the greenback from 63.8 cents.

The fall partly reflects some flow of funds into the Aussie dollar in light of their recent interest rate increase, positive growth outlook and good Budget containing tax cuts – something well at odds with the NZ policy focus on increasing middle income welfare.

But the NZD weakness also reflects the simple underlying trend for our currency which is downward with two years ahead of growth near 1.5% expected versus above average growth overseas with upward revisions to growth expectations. Migrant flows from NZ across the Tasman could lift strongly in the next couple of years.

Best regards

Tony Alexander Chief Economist

See BNZ Weekly Overview In PDF Format:
http://img.scoop.co.nz/media/pdfs/0605/WOMay11.pdf

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