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Daily Alert: Busy week ahead for local and offshore data

  • RBNZ Governor Orr spoke on Bloomberg TV and continued with the upbeat tone from Wednesday’s MPS. Key takeaways were the RBNZ is not worried about hiking ahead of other central banks and that although inflation expectations are well anchored, if they become unanchored, the Bank is prepared to react.
  • Sharemarkets pressed higher over the past week, with US share indices up 0.1-0.2% on Friday and 1-2% over the week. In contrast, the NZ Sharemarket dipped 0.5% on Friday and was down 2.5% over the week.
  • Residential building consents have remained elevated over the early months of 2021, although the number of consents issued have edged back from its December 2020 peak. Data for April are released on Tuesday.

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