On Thursday the ANZ Bank in New Zealand is scheduled to release its newest adjustments to the Business Confidence Index for August, and the prevailing expectations project a continued deterioration in the overall performance for the fourth consecutive month.
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In the last report, the ANZ Bank has observed that the economic conditions in the country have deteriorated noticeably in the month of July, and as a result of that, the bank has changed its prevailing outlook on the overall economic situation from "Consistent" to "Grim". In the report, it is also stated that:
“Headline business confidence fell 6 points to net -44% in July’s ANZ Business Outlook. […] Inflation indicators were slightly weaker while pricing intentions were unchanged. […] a net 44% of respondents reporting that they expect general business conditions to deteriorate in the year ahead.” [source]
The outlook of small and medium businesses in New Zealand is unlikely to be drastically different in August, especially considering the recent trade spats between China and the US, which can be expected to continue partially impede global growth.
With deteriorated business confidence, the NZD can be expected to continue falling against the greenback because of subdued demand and rising global uncertainty. The currency pair is currently trading at 0.63727, which level has been last reached in January 2016.
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