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ANZ survey shows New Zealand business confidence slips in September

Confidence fell from 53.7 to 51.9, while the report said activity weakened more sharply amid a late-month oil price surge.

Reported · Written up by our desk · EM Currencies

Action Forex reports that New Zealand’s business confidence softened modestly in September, with the headline measure easing from 53.7 to 51.9.

In the same survey, firms’ own activity outlook was little changed at 47.9 versus 48.2, but reported activity deteriorated more noticeably, falling year on year from 16.4 to 10.8. Export intentions slipped from 31.4 to 30.0 and employment intentions declined from 19.3 to 17.9, Action Forex said.

The outlet also highlighted that investment intentions edged higher from 22.1 to 22.6, while residential construction intentions improved from 15.5 to 22.2.

Action Forex attributed the biggest change to a late-month deterioration in activity as oil prices surged, noting that responses received later in September coincided with Dubai spot oil climbing from around USD100 per barrel to a peak near USD128.

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