From New Zealand, producer price indexes for Q1 of 2018 - up for the 8th consecutive quarter
PPI Input prices +0.6% q/q (measures the change in the price of goods and raw materials purchased by manufacturers):
- prior was +0.9% q/q
PPI Output prices +0.2% q/q (measures the change in the price of goods sold by manufacturers):
- prior was +1.0% q/q
Stay tuned for the NZ budget due later today. Westpac:
- The annual Budget is delivered today, and analysts will be interested in how the spending plans are reconciled with the plan to reduce debt over the next few years. NZ interest rate markets will be interested in any revisions to the forecast for NZGB issuance.
