NZD/USD drops 20 pips to 0.6195 as it justifies softer economic growth in New Zealand during early Thursday in Asia.

That said, New Zealand’s first quarter (Q1) 2023 Gross Domestic Product (GDP) matches the -0.1% QoQ forecast, versus -0.7% (revised) prior.

Further details reveal that the yearly figures ease to 2.2% YoY for the said period versus 2.6% market expectations and 2.3% previous readings.

With this, New Zealand enters into a ‘technical’ recession as the Pacific nation marks the second consecutive negative quarterly growth figure.

Check more details of NZ Q1 GDP on our economic calendar.

Also read: NZD/USD holds to its gains as Federal Reserve pauses, but upward revises peak rates