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New Zealand ANZ confidence slips, but inflation expectations rise to 3.26%
ANZ data showed pricing intentions and wage expectations increased, with one-year inflation expectations climbing from 3.14% to 3.26%.
New Zealand business confidence eased in August, according to ANZ survey data cited by Action Forex. ANZ Business Confidence fell from 56.1 to 53.7, while the Own Activity Outlook edged down from 49.3 to 48.2. At the same time, realized activity improved, with reported activity versus a year earlier rising from 9.7 to 16.4 and services cited as the driver. Other activity measures were mixed but generally constructive, including export intentions increasing from 26.6 to 31.4 and employment intentions rising from 18.1 to 19.3.
Action Forex also highlighted shifts in inflation-related indicators. Pricing intentions climbed from 47.2 to 51.0, cost expectations rose from 78.2 to 80.8, and one-year inflation expectations increased from 3.14% to 3.26%. Wage expectations moved up from 2.52% to 2.62%, but the expected size of cost increases three months ahead fell from 2.70% to 2.53%. Action Forex noted that revised methodology for construction intention series was intended to make the data less volatile and more representative across firms.