ANZ Roy Morgan New Zealand Consumer Confidence rises 4 points to 91.9 in November
- ANZ's New Zealand Consumer Confidence saw a continued rebound from record lows.
- Current conditions saw an improvement, while the future conditions index remains down.
The Roy Morgan Consumer Confidence index rose 4 points in November to 91.9, an improvement but still subdued. Despite the improvement, significant headwinds remain for retailers under declining retail spending as consumers remain gloomy.
Consumers' 12-month expectations declined 3 points to -21%, while the 5-year outlook rose to 9% from 5%.
Two-year look-ahead CPI expectations saw a slight uptick from 4.5% to 4.6% as consumers fear long-run inflation gripping the New Zealand economy.
The Reserve Bank of New Zealand (RBNZ) sees a mixed bag in the latest Consumer Confidence report, according to ANZ Research. New Zealanders' willingness to spend remains low, which will help alleviate inflation pressures, but inflation expectations remain high, with little progress in recent months.
Market Reaction
The NZD/USD saw little reaction on the release, trading close to 0.6150, but markets are overall subdued heading into the Asia Friday market session.
About the Roy Morgan ANZ Consumer Confidence Index
The Consumer Confidence released by the ANZ is a leading index that measures the level of consumer confidence in economic activity. A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative (or bearish).
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
