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NZD: Consumer confidence comes to rescue the ailing economy - ANZ

FXStreet (Delhi) – Cameron Bagrie, Chief Economist at ANZ, notes that the NZ’s consumer confidence ship has steadied with the ANZ-Roy Morgan Consumer Confidence Index lifted 1 point in September from 109.8 to 110.8. This is well down versus the start of the year, but the level still suggests a steady course for the good ship HMNZ.

Key Quotes

“Good news: consumer sentiment was little changed in September. That’s normally nothing to crow about. However, after the declines of late we’ll take stability as a positive. Levels are still afloat, being well above 100.”
“Consumers’ expectations about the economy’s prospects over the year ahead improved in September. However, consumers feel marginally less positive about their current financial position compared to a year ago.”
“House price expectations eased again in Auckland but rose in the rest of the North Island. Auckland house price expectations remain the strongest.”

“Expectations regarding the economy one year ahead changed tack, rising from -16 – the lowest in over three years – to -12. This level still suggests consumers see rough waters ahead. Sentiment regarding the economy’s performance five years ahead unwound its 3-point fall in August to be back at +11.”

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