New Zealand data – ANZ World Commodity Price Index +1.8% m/m in January (prior +0.1%)

New Zealand data – the ANZ World Commodity Price Index for January 2025:

+1.8% m/m

• +0.1% prior

+14.6% y/y

• +15% prior

In NZD terms (the New Zealand dollar fell in January, pushing up the index in NZD terms)

+3.2% m/m

• prior +3.6%

+25.1% y/y

• prior +24.7%

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As part of the report is ANZ’s look at shipping costs:

• Global shipping prices were mixed.
• The well-publicised but volatile Baltic Dry Index fell a whopping 31% during the month to its lowest level since early 2023.
• The China Containerized Index, which measures the cost of shipping into and out of China, was flat, as was the Harper Peterson Index.

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Its been a busy day so far in New Zealand:

• New Zealand Q4 unemployment rate 5.1% (vs. 5.1% expected and 4.8% in Q3
• More on the New Zealand jobs data – unemployment hitting a 4 year high
• ANZ says NZ jobs data don’t stand in the way of RBNZ 50bp cut at meeting on 19 February

This article was written by Eamonn Sheridan at www.forexlive.com.