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XE Data Update - NZ 1Q GDP Release

The NZ GDP for 1Q has just been released.

The GDP for 1Q came considerably worse than forecast:

Adjusted GDP Q/ Annual:

GDP -1.6% / -0.2% Consensus -1.0% / +0.3%

The NZD is lower in immediate response.

The COVID-19 triggered 1.6% fall in quarterly GDP is the largest drop in 29 years. Widespread reduction in economic activity, particularly in the service, construction and travel sectors were the primary drivers for the negative GDP result.

Here is the link to the Statistics NZ for this GDP release:

https://www.stats.govt.nz/news/covid-19-contributes-to-1-6-percent-fall-in-march-quarter-gdp

Current indicative levels are:

NZDUSD 0.6445 / 0.6470
NZDAUD 0.9360 / 0.9385
NZDEUR 0.5730 / 0.5755
NZDGBP 0.5130 / 0.5155
NZDJPY 73.60 / 73.85

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