The business outlook survey in New Zealand, which is compiled on a monthly basis by ANZ Research, demonstrated across the board improvement in all major business confidence indicators.
New Zealand Business Confidence. Image source: TradingEconomics.com
Thus, headline business confidence reached 26.4 index points in November, which measures an increase by 11.1 from the recorded 53.5 index points in October.
“The November ANZ Business Outlook Survey was much stronger across the board. Headline business confidence jumped 16 points to a net 26% of respondents reporting that they expect general business conditions to deteriorate in the year ahead. While still not a great level, this is the highest read this year.”
Overall, the observed improvement is welcoming news to the Governing Board of Directors of the Reserve Banks of New Zealand, as it is likely to prompt heightened rates of business investment within the economy.
Nevertheless, the indications that respondents to the survey expect a deterioration in the underlying business conditions in the year ahead was enough to offset the positive impact of this month’s robust improvement.
Subsequently, the NZD did not find the necessary support to gain strength against the other major currencies, despite the mounting bullish momentum.
Thus, the NZDUSD continues to be consolidating in a tight range just below the minor resistance at 0.64260. The price has been unable to break out above that level for nine consecutive days.
NZDUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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