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New Zealand finance minister Steven Joyce, speaking at an event in Wellington sounded optimistic about the New Zealand's economy. Joyce said that he expects New Zealand economy to continue to perform well. Joyce said that NZD being driven by weaker USD and the view that NZ's BOP deficit is not of concern.
Standard and Poor’s earlier in the month affirmed New Zealand's AA foreign currency and AA+ local currency sovereign credit rating with a stable outlook, saying the economy's solid growth looks set to continue and the Crown's fiscal management remains prudent.
The Reserve Bank of New Zealand (RBNZ) cut rates repeatedly in 2016 to support inflation and economic growth. The New Zealand economy has seen impressive growth over the past year. Real GDP rose by 0.8-0.9 percent q/q over the past four quarters. RBNZ's expansionary monetary policy, immigration and high construction activity remain the main drivers.
The NZD bulls however, appear to remain unimpressed by the optimistic comments from NZ finance minister Joyce. Later this week, the New Zealand government will release fourth quarter employment data, which will be closely watched by the financial markets. Total employment increased by 1.4 percent in the third quarter. Joblessness also fell to 4.9 percent.
