New Zealand data - ANZ Business Survey for March 2024 - big drops seen
- Business confidence 22.9% vs. 34.7 in February
- Activity Outlook 22.5% vs. 29.5 in February
ANZ's report on the survey is titled 'The R word' (R for recession)
And their 'Key points'
- The steady improvement in consumer confidence over recent months took a blow this month.
- ANZ-Roy Morgan consumer confidence fell 9 points in March to 86.4, with a fall across most questions, likely affected by recession headlines. Late-month responses were markedly weaker than those that preceded the GDP data.
- Inflation expectations were unchanged at 4.5%, while expected house price inflation fell from 4.1% to 3.4%. This series has no predictive power for house prices, but is a lens on the “wealth effect” on spending.
NZD/USD took a hit, extending its Waller losses from earlier:
Has hit its lowest since November.
