Business data due later this week in NZ likely to support NZD

ANZ business confidence data is due on Thursday 31 October at 0000 GMT from New Zealand

• prior was a horrible -53.5

ASB on this:

• key release
• We are still optimistically hoping for an interest rate induced lift in business confidence to transpire, and any improvement in business confidence is likely to support the NZD/USD.

Also, ASB NZ dollar forecasts:

• NZD/USD essentially trending sideways for the best part of the next nine months, to a low of 0.6200 in March 2020
• This slow and low forecast profile reflects the drag from the NZ growth slowdown and associated RBNZ interest rate cuts, and the subdued global backdrop
• From late 2020, we expect the currency to begin trending higher again as fiscal and monetary stimulus eventually drive a recovery in the NZ economy, and NZ's Terms of Trade remain elevated.