New Zealand Institute of Economic Research (NZIER) quarterly survey of business opinion
- 44% of firms surveyed expected general business conditions to deteriorate compared with 25% pessimism in the previous quarter
- net pessimism has been shown in the results of this survey since the third quarter of 2021
High interest rates in NZ continue to dampen demand.
NZD/USD bids getting given, not a large move:
The bigger picture was the NZD decline, alongside other FX vs. the USD, overnight.
