New Zealand Dollar forecasts revised lower

New Zealand Institute of Economic Research (NZIER) latest report on Consensus Forecasts. Full text is here.

For the kiwi dollar:

Their broader summary for the NZ economy, saying that the latest NZIER Consensus Forecasts:

• show a further downward revision to the growth outlook for the coming year
• Forecasts of annual average GDP growth for the years ending March 2024 and March 2025 have been revised lower to 0.2 percent and 0.6 percent, respectively.
• The revisions suggest a further weakening in the growth outlook for the coming year, given the New Zealand GDP has already declined for two quarters in a row. The dampening effects of higher interest rates on demand are expected to continue to drive a slowing across the New Zealand economy. Over the longer term, the migration-led population growth is expected to support a recovery in demand.

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