Forex
Home›Forex›EM Currencies›NZ business confidence holds steady in August despite…
NZ business confidence holds steady in August despite Middle East shock
In the ANZBO survey, firms lifted inflation expectations to 3.26% and the share expecting higher costs rose, even as the average expected cost increase slowed to 2.53%.
New Zealand business confidence was little changed in August, according to the ANZBO survey, after a rebound toward pre-conflict levels in the prior month.
The survey pointed to renewed turmoil in the Middle East since early July, which pushed global oil prices higher again, though businesses said the effect on fuel prices at the pump has been relatively muted this time.
ActionForex.com reported that confidence was slightly lower overall, with strength in the retail sector offset by declines in construction and services, while hiring and investment intentions were largely unchanged from July.
Compared with the prior year, a net 16% of firms reported higher activity, helped mainly by agriculture and services, while inflation expectations for the year ahead ticked up to 3.26% and firms expecting cost increases rose; however, the average expected cost increase slowed to 2.53%.