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Record Low In Business Confidence Weighs

NZD

NZD has weakened after the weaker ANZ business confidence print. NZD/USD is just under 0.6350, -0.30% down for the session. Note the NY session low come in close to 0.6340. The AUD/NZD cross has also firmed back to 1.0550, close to NY session highs.

  • The ANZ business confidence measure fell to fresh record lows in December, down to -70.2. Expected activity also moderated, down to -25.6 from -13.7. For this metric we are back to mid 2020 lows. Note we got to -55 during the onset of the Covid pandemic.
  • These prints come after yesterday's plunge in the Westpac consumer confidence measure, which also fell to record lows of 75.6 in Q4.
  • They indicate that tighter financial conditions from the RBNZ is weighing more materially on both business and consumer confidence. ANZ also noted on-going strong inflationary pressures though, as wage expectations surged.
  • Tomorrow the ANZ consumer confidence print for December is due.
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