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NEW ZEALAND: Some Moderation In Post-Easing Exuberance, Watch Price Components

NEW ZEALAND
APACNew ZealandBulletMarketsFixed Income BulletsForeign Exchange Bullets

While NZ ANZ business confidence and activity outlook eased in January they remain elevated, signalling some reduction in optimism following 125bp of RBNZ easing. Confidence fell almost 6 points to 54.4 and the outlook 4 points to 45.8, both still well above the historical averages. The inflation measures were higher across the board though, which will require monitoring but are highly unlikely to derail a 50bp rate cut on February 19 but may slow easing going forward as rates approach neutral.

NZ ANZ business survey

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While NZ ANZ business confidence and activity outlook eased in January they remain elevated, signalling some reduction in optimism following 125bp of RBNZ easing. Confidence fell almost 6 points to 54.4 and the outlook 4 points to 45.8, both still well above the historical averages. The inflation measures were higher across the board though, which will require monitoring but are highly unlikely to derail a 50bp rate cut on February 19 but may slow easing going forward as rates approach neutral.

NZ ANZ business survey

Keep reading...Show less