New Zealand Q1 economy back to growth & beats expectations

Data earlier today brought the welcome news that New Zealand’s economy
grew in the first quarter of 2024:

• NZ exited recession as the economy grew

The data came in stronger than expected:

• New Zealand Q1 GDP +0.2% q/q (expected +0.1%)

The latest forecasts from the RBNZ had projected 0.2%
growth for the first quarter. The Bank will be satisfied that the
economy is growing as it had expected.

The Bank has held the cash rate at 5.5% for 7 meetings in a row.

NZD/USD doing a wee bit of a gap fill:

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