ANZ's proxy measure for New Zealand economic growth, the Truckometer is a measure of traffic flows
Heavy index comes in at +2.9% m/m
- prior -1.5%
Light traffic index - 0.6% m/m
- prior -0.1%
ANZ comments (in brief):
- economy may not have grown much at all in Q3
- October data suggest a more positive start Q4
- ANZ remarking on the political uncertainty in reference to the 'light' result (this indicator is used as a guide to growth 6 months out)
The data point is not usually an immediate FX mover