The business prospects in New Zealand plummeted massively in March, underlying the worries of local businesses and their expectations for a massive economic contraction in Q1.
The ANZ business confidence index slipped to -64 points in March, a bottom that has not been reached in 15 years. Furthermore, the recorded performance missed the consensus forecasts for a moderate contraction to -24.1 points with a considerable difference.
New Zealand Business Confidence. Image source: TradingEconomics.com
“Taking the month as a whole, headline business confidence plunged 45 points to a net 64% of respondents reporting that they expect general business conditions to deteriorate. Firms’ expectations for their own activity fell 39 points to a net 28% expecting lower activity over the year ahead, a record low.”
The contraction is likely to have a negative impact on the New Zealand dollar, as more local investors start seeking safe havens abroad.
The kiwi is thereby likely to continue underperforming compared to the greenback, which remains to be a desirable destination for international investors seeking to hedge the continually evolving risks.
NZDUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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