New Zealand - ANZ Truckometer for July: +4.1% m/m (prior -4.5%)
ANZ's 'Truckometer' is an indicator of traffic flows in New Zealand, used as a proxy for GDP
- Heavy Traffic +4.1% m/m
- Light Traffic +1.5% m/m
- annual growth in light traffic flows has at least found a ledge (it's too soon to call it a floor), consistent with our expectation that economic growth will gradually improve over the second half of the year
- Heavy traffic growth has been holding up better but we suspect it overstated the economy's strength in the June quarter.
New Zealand dollar being shifted around by RBNZ and external developments, not so much by the economic data.