NZD traders will be watching the business confidence data from New Zealand today
- ANZ's Business survey for September is due at 0100GMT
Here is business confidence from the survey:
TD characterise the confidence as
Ugh.
ASB:
- The ANZ monthly Business Outlook Survey has received close attention from financial markets and the media over the past 12 months, despite its relationship with GDP growth breaking down in recent years (we prefer the NZIER's Quarterly Survey of Business Opinion survey, which is due early Oct).
- Recent falls in employment and investment intentions from the ANZBO have been particularly noteworthy. While we remain positive on the NZ domestic outlook, we caution that if weak sentiment persists, it may weigh on economic growth over the second half of 2018.
Says NAB:
- We haven't seen anything to suggest that confidence will materially lift from August's -5o reading, although seasonality may help a touch in September. In any case, more interest will be in the real indicators of activity, employment, and investment intentions that have genuinely softened over recent months. We will also be checking in on the inflation gauges as rising costs pressure business margins.
I am not entirely in agreement with is, there will be immediate interest on the confidence results, another bad one will be a negative for the NZD (an improvement should be a relief though)
