Forex Flash: New Zealand receives confidence from domestic sources – BNZ

This week is ripe with NZ data that will likely remain at odds with the weakness registered in last week’s Q4 employment report. Economic confidence and a perky housing market and solid spending growth has lent confidence to the country.

“Regarding economic confidence, we note the very latest BNZ Confidence Survey, published this morning, held up satisfactorily in early February. Its net result, of +31.5, was down only slightly from December’s +36.9, keeping it consistent with the solid GDP growth we forecast for this year. The BNZ survey suggests the next ANZ business survey, due 28 February, will likely remain robust.” Predicts Craig Ebert, a Strategist at BNZ.

There is also, in terms of sentiment, the ANZ Roy Morgan consumer confidence index to note. This is due Thursday 1:00pm. “We see no reason for it to be materially different from the 118.3 level it inched up to in January. As such, it should remain consistent with trend-like rates of growth in consumer spending, as well as the notion the housing market is sound.” Ebert adds.