020 7898 0500After a torrid Friday for the New Zealander economy, which saw it fall over 1% against most major currencies, New Zealand will be hoping that the data early this week will offer some relief. Its retail sales figures are out later tonight and are expected to be slightly lower than last month’s figure. Its quarterly Producer Price Index (PPI) release is on Wednesday. Last quarter saw the greatest growth in this area for nearly three years, and similar results on Wednesday could push nearer to the New Zealand dollar-sterling six-month high that we briefly touched on Friday. Any surprises, whoever, could spell trouble for the New Zealand currency, particularly in light of the recent global stock market slides.
We also had disappointing growth figures out of Japan released this morning which showed contraction at -1.7% for the fourth quarter of 2015 against an expectation closer to -1%. Worries over low wage inflation at home and the state of the world economy are making it very difficult to get Japanese consumers to spend money, especially as the goods they buy should be getting cheaper.
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