The point about migration data is its impact on econoimic growth and house prices

To the extent that the fall being reported impacts on house prices it puts less pressure on the RBNZ to combat rising prices through, perhaps, rate rises.

February immigration 4,970 (6,270 in January)

  • lowest monthly intake since February 2015

Annual immigration 68,943

  • lowest since May 2016

NZD is off a few tics:

And, don't forget .... its not all about the Fed!