New Zealand business confidence, July 2024: 27.1 (prior 6.1)

Business confidence has a huge jump to 27.1%

• prior 6.1

Activity outlook 16.3%, also higher

• prior 12.2

ANZ’s
Key points

• Business confidence jumped 21 points to +27 in July, and expected own activity lifted 4 points to +16. To be fair, these up/down responses are relative to an ever-weaker starting point (past own activity dropped 6 points to -24), so there’s a bit of a “well, can’t get any worse” vibe to it.
• Pricing intentions lifted 3 points to 38, but inflation expectations eased from 3.5% to 3.2%. Inflation indicators were softer in the later sample.

NZD/USD is barely responding, around 0.5906

This article was written by Eamonn Sheridan at www.forexlive.com.