July 23 2009 issue of the BNZ Weekly Overview

Welcome to the July 23 2009 issue of the BNZ Weekly Overview.

Fresh news has been light on the ground domestically this week. We have learnt that the net migration inflow continues to rise courtesy of a 27% fall in Kiwis leaving the country, and that average house prices fell just 1% during the March quarter and more up to date numbers suggests they crept up a tad during the June quarter.

But while we can see signs of mild improvement here, and one or two positive growth signs have appeared in the US housing market, the path forward for the next two years is going to remain rocky. A strong focus on business cash flows remains imperative and watch out for periods when pessimism rules the roost again temporarily – such times will provide some opportunities for exporters to increase their FX hedging as happened two weeks ago when the NZD traded below US 62 cents. It is 66 cents this evening.

Read the Full Overview And Graphs Here (pdf)

ENDS

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