27 Aug 2015
New Zealand: Global commodity prices key - ANZ
FXStreet (Bali) - Sharon Zollner, Senior Economist at ANZ, notes that global commodity prices remain key for the New Zealand economy.
Key Quotes
"For New Zealand, global commodity prices matter more than equities per se, and on that front the news continues to be poor, with broad (USD) commodity indexes now at their lowest since 2002, even in nominal terms."
"The next GlobalDairyTrade auction on 1 September will be key – NZX dairy futures have been pointing to another solid bounce-back, but have been tempered somewhat by the ructions of the past few days."
"While the improvement at the last auction sounded big, it was off a very low base, and further improvement is needed if Fonterra’s payout estimate is to be achieved."
Key Quotes
"For New Zealand, global commodity prices matter more than equities per se, and on that front the news continues to be poor, with broad (USD) commodity indexes now at their lowest since 2002, even in nominal terms."
"The next GlobalDairyTrade auction on 1 September will be key – NZX dairy futures have been pointing to another solid bounce-back, but have been tempered somewhat by the ructions of the past few days."
"While the improvement at the last auction sounded big, it was off a very low base, and further improvement is needed if Fonterra’s payout estimate is to be achieved."