New Zealand’s Gross Domestic Product has been released and was set to rebound 0.5% QoQ in Q1 2021.
A supply shock has been seen threatening economic recovery.
NZD has popped higher by almost 20 pips on the data and plays into the hand so the bulls seeking a correction of the US dollar’s spike port Federal Reserve hawkish surprise.
NZD/USD Price Analysis: Bulls look for correction, but GDP slated
The Gross Domestic Product released by the Statistics New Zealand is a measure of the total value of all goods and services produced by New Zealand. The GDP is considered as a broad measure of New Zealand economic activity and health. Generally speaking, a high reading is seen as positive (or bullish) for the NZD, while a falling trend is seen as negative (or bearish) for the NZD.