ANZ's Business Outlook Survey is a monthly survey of around 1,500 businesses NZ-wide

Activity outlook +3.8

  • prior 3.8

Business confidence -50.3 and another awful result, now to a new 10 year low

  • prior -44.9

NZD has dropped under 0.6700.

Lower business confidence is being blamed on the governments new employment laws. I don't know how much faith to out in that explanation, but the government is trying to address low confidence: More from NZ PM Ardern - how she is combating sad business sentiment).

Employment and investment intentions reported by businesses are now negative too

The weakness is not a positive for growth ahead. Eyes on the economy now, its been a little softer and that looks like worsening ahead.

Whatever explanation you choose for it … a negative input for the NZD.