New Zealand Treasury see more positive data, but no firm sign of a recovery just yet

New Zealand Treasury report, in summary:

• Indicators for June quarter GDP point to a drop in economic activity. We anticipate the
  economy contracted by 0.4% in the quarter, down from
  a forecast of 0.2% growth at our Budget Update.
• Economic
  data has been weak despite a period of record migrationled population growth. However, with migration levels
  normalising, weakness is emerging across more services
  industries.
• House sales continue to drop and, while interest
  rates are falling, average mortgage rates are still elevated
  limiting retail spending and house price growth.
• There may
  be some light at the end of the economic tunnel with two
  weeks left in the September quarter, more timely indicators
  signal flat rather than falling activity for that quarter.

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Q2 GDP is due on Thursday from New Zealand:

• Wednesday 2245 GMT
• Wednesday 1845 US Eastern time

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