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      NZ Treasury cuts economic forecasts

      FXStreet (Bali) - The New Zealand Treasury Department has trimmed the economic forecast for the country on its pre-election fiscal update.

      The 2014/15 surplus forecast is now expected at NZ$297m vs. NZ$372m, while the 2015/16 surplus forecast was also cut to NZ$ 818m from $NZ 1.26bn. The 2014-15 growth forecast was reduced to 3.6% vs 4%, and to 2.6% in 2015-16. Surplus forecast cuts are due to slower economic growth. As per the 2014/15 net debt, is expected to peak at 26.8% of GDP, with net debt to be below 20% of GDP by 2021. Tax income estimates were revised downwards too, due to growth cuts.

      Further headlines included: "Plans syndicated 2035 inflation-indexed bond issue... NZ maintains 2014-15 bond sales program at NZ$8b... NZ FinMin English crossed the wires, noting that "sees ‘modest’ tax cut when there is room to do so, no room for significant loosening of purse strings, no tax cut package announcement for election..."

      USD/JPY steady, 102.60’s, in Tokyo’s opening hour

      USD/JPY is trading at 102.63, up 0.06% on the day, having posted a daily high at 102.66 and low at 102.55.
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      AUD/NZD picking up the pace on 1.10 handle

      AUD/NZD is trading at 1.1044, up 0.44% on the day, having posted a daily high at 1.1046 and low at 1.0990.
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