New Zealand data – the ANZ World Commodity Price Index for January 2025:
+1.8% m/m
- +0.1% prior
+14.6% y/y
- +15% prior
In NZD terms (the New Zealand dollar fell in January, pushing up the index in NZD terms)
+3.2% m/m
- prior +3.6%
+25.1% y/y
- prior +24.7%
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As part of the report is ANZ’s look at shipping costs:
- Global shipping prices were mixed.
- The well-publicised but volatile Baltic Dry Index fell a whopping 31% during the month to its lowest level since early 2023.
- The China Containerized Index, which measures the cost of shipping into and out of China, was flat, as was the Harper Peterson Index.
***
Its been a busy day so far in New Zealand:
- New Zealand Q4 unemployment rate 5.1% (vs. 5.1% expected and 4.8% in Q3
- More on the New Zealand jobs data – unemployment hitting a 4 year high
- ANZ says NZ jobs data don’t stand in the way of RBNZ 50bp cut at meeting on 19 February
This article was written by Eamonn Sheridan at www.forexlive.com.
