New Zealand - ANZ Commodity Price index for January: +3.6% m/m (prior +1.8%)

ANZ's indicator of price trends for New Zealand's 17 main commodity exports, higher for a fourth consecutive month.

• +3.6% m/m and +4.6% y/y

In NZD terms the gain on the month is not quite so strong due to the higher currency:

• +2.4% m/m
• -2.2% y/y

--

The news today so far from New Zealand has been positive:

New Zealand Q4 2020 Unemployment rate 4.9% (vs. expected 5.6%)

• ANZ expects no further rate cuts from the Reserve Bank of New Zealand
• New Zealand rate markets are no longer pricing further RBNZ rate cuts in 2021