NZ data - ANZ Truckometer for January: 0.4% m/m (prior -0.3%)

The heavy vehicle index +0.4% on the month while the prior revised to +0.1%.

Light traffic -0.6% m/m

ANZ remark that the heavy traffic index fell 2.6% q/q in Q4 which is consistent with their forecast for 'mild' fall in GDP that quarter

• ANZ expect a recession for Q4 2020 and Q1 2021. ANZ say it'll be a "technical recession" ... which is a recession in case you are wondering.