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NZ data - ANZ Truckometer (February): +1.6% m/m (prior -4.3%)

The ANZ Truckometer is a measure of traffic flow in NZ and is used as a proxy for New Zealand GDP

For 'heavy' vehicles: +1.6% m/m

  • prior -4.3%

For 'light' +2.0% m/m

  • prior was -1.4%

'Key points' on this release from ANZ, in summary:

  • The two Truckometer indexes returned to their upward trends in February
  • The Heavy Traffic Index suggests that GDP growth was very strong in 2015 Q4 but with two months of data in, Q1 is looking considerably softer
  • GDP will likely smooth through the volatility to some extent
  • The strong trend in the Light Traffic Index was restored in February, suggesting good momentum in the economy as 2016 kicks into gear
  • We will be watching the Truckometer indexes closely for an early heads up on any impact on domestic activity from the tightening in financial conditions which can typically flag a turn in momentum

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We've already had a weight attached to the NZD today: Fonterra cuts forecast milk price to NZ$3.90 vs $NZ3.95 prior

$3.90 is a 9-year low

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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