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NZIER Survey Suggests Business Confidence Improved In Q1

NZD

NZD/USD struggled for a clear direction Monday and closed just shy of neutral levels after holding a familiar range. The rate sits at $0.7032 this morning, little changed on the day.

  • NZIER's Quarterly Survey of Business Opinion showed a slight improvement in business confidence over the first quarter. NZIER commented that "a net 11 percent of businesses expect a worsening in general economic conditions over the coming months, on a seasonally adjusted basis," which "is a modest improvement from the 16 percent of businesses which were pessimistic about the economic outlook in the previous quarter." The survey found that cost pressures are emerging from supply chain disruptions. NZIER Chief Economist Leung noted that most businesses expected the next move in the OCR to be up.
  • Bulls need NZD/USD to clear the $0.7069/70 area, which capped gains on Apr 5-7, before targeting the 100-DMA at $0.7146. Bears look for a dip through Apr 7 low of $0.6997, toward Apr 1/Mar 25 lows of $0.6946/43.
  • New Zealand's card spending data comes out shortly, food price index hits Thursday, while BusinessNZ M'fing PMI comes out Friday.
  • Wednesday brings the RBNZ's Monetary Policy Review, virtually all analysts expect policymakers to leave the OCR unchanged.
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