We are still waiting for an improvement in trade to fuel the economy. The trade deficit has been large for a long time.
More Quotes from Stephen Koukoulas:
A mid-year interest rate cut is looking less likely. We had forecast a rate cut in July. That's looking a lot shakier after today's number.Stephen Koukoulas
Some of the highest interest rates in the world keep demand for the currency strong.
Stephen Koukoulas
Inflation is accelerating to worrisome levels.
Stephen Koukoulas
Any hopes that the Reserve Bank could hold off raising interest rates have been dashed, ... If the bank is going to contain inflation in 2006 and 2007, they have got to keep raising rates.
Stephen Koukoulas
Bollard is clearly frustrated. The kiwi dollar is too strong, adding to external imbalances by making it harder for exporters to compete. He would love to see the currency falling.
Stephen Koukoulas
Housing construction is likely to be weak into the first half of 2006 and possibly beyond. It works against the tightening bias of the Reserve Bank.
Stephen Koukoulas
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