New Zealand’s Gross Domestic Product fell 1% in the fourth quarter of 2020 after rising 13.9% in the third quarter of the year (revised from 14%). The result disappoints expectations of a 0.1% rise.
To level y-o-y, GDP stood at -0.9% compared to + 0.2% in the previous quarter (revised from + 0.4%). The result does not reach the market consensus, which expected a rise of 0.5%.
NZD / USD reaction
The NZD / USD remains strongly bullish after the Fed triggered a general weakening of the dollar across the forex board. The pair has risen more than 110 pips since the announcement, reaching the zone at Thursday’s European open. 0.7270, its highest level in two weeks, specifically since March 4.
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