This week little has happened in the FX and interest rate markets beyond a reminder of strong support for the NZD from high commodity prices with Fonterra announcing another payout rise, plus a little bit of downward interest rate pressure from doubts over US growth.
In this week’s Overview we take a run through our front page list of major themes for 2014 to see if anything needs changing. Nothing does. We look at strong exports data and how China now accounts for almost 23% of our export receipts, now well outpacing Australia at below 19%.
Migration data released this morning were through the roof with the annual net gain now near 26,000 from flat a year ago, courtesy of a huge change in the trans-Tasman flows. The housing implications are obvious.