Thursday, 7th February, 2019

Last week was all about the US Federal Reserve and its on-hold announcement and shift to a neutral bias. The move saw the USD lose ground, with the NZD/USD lifting to above US$0.6900 during the week. The key NZ event this week is the release of the Q4 labour market data. We expect employment to retrace some of its strength from Q3, with the unemployment rate lifting to a still-low 4.1%. The fortnightly GlobalDairyTrade Auction also takes place overnight Wednesday. Key offshore economic events include rate announcements from the RBA and the Bank of England, due Tuesday and Thursday, respectively