November 29 Edition Of The BNZ Weekly Overview
This week we have seen the Kiwi dollar rise back to 77.0 US cents on the back of a sharp recovery in world sharemarkets
overnight caused by increased optimism about the Federal Reserve cutting interest rates again come December 11. Oil
prices have also fallen away back to just over US$90 a barrel but New Zealand wholesale interest rates have crept
higher.
Data releases locally over the week show some decline in business confidence but still reasonably firm investment and
employment intentions, continuing good numbers for non-residential construction but a decline underway in residential
building, and an improvement in the monthly merchandise trade account.
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Tony Alexander
Chief Economist
Economics
Bank of New Zealand