NZ Treasury: Increased the downside risk to near-term GDP growth forecasts, Kiwi clings to 0.6500

New Zealand’s (NZ) Treasury is out with its monthly economic indicators report, with the key highlights found below.

Weak domestic business confidence and global concerns weigh on GDP growth prospects.

Household confidence remains resilient, supporting consumption outlook.

Fuel, food and rent drive consumer price inflation.

Ongoing trade uncertainty weighed on global business activity in the June quarter.

Global consumer spending holds up, supported by rising wages and solid labor markets.