Coming up from New Zealand today-Q2 GDP. Here's a preview.

I posted this yesterday: Preview of the Q2 GDP data due from New Zealand

• Its coming up in a few hours, due at 2245GMT

The NZD has stopped its mad plummet, tracking sideways for a week or so:

The release of the GDP data is a significant risk event, although it is a backward-looking indicator (the March-June quarter). A miss on expectations opens up the risk of test lower for the kiwi, with 0.6250 a big level to watch out for. On the other hand, if the GDP beats expectations watch out for the 0.6410/25 level, but there will be resistance up from there around 0.6480.

The latest I have on expectations for the GDP are no different to what I posted at the preview yesterday, but I will not that the 'expected' figures I have seen from the bigger NZ banks are for a print higher than the 0.6% q/q consensus.