BNZ Weekly Overview - August 9

Welcome to the August 9 edition of the BNZ Weekly Overview.

The Kiwi dollar has ended the week largely unchanged against the greenback but down against an Australian currency very well supported by strong data and an increase in interest rates. This morning we learned that New Zealand's labour market remains exceptionally tight with strong jobs growth in the June quarter and another decline in the unemployment rate to an equal record low of 3.6%. Registrations of cars and commercial vehicles have also improved recently. But the housing market indicators are definitely easing off and it is probably this which the Reserve Bank will focus on as good reason for not raising their official cash rate at the next review in four weeks time.

See... WOAug9.pdf

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