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New Zealand Business Confidence Falls to 23-year Low

Tuesday, 13 January 2009 03:09:27 GMT | Ilya Spivak, Currency Analyst

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New Zealand’s NZIER Business Opinion Survey saw confidence fall to -64 in the fourth quarter, equal to the lowest reading in nearly 23 years. The reading shows that 64% of companies polled for the survey expect the economy to deteriorate over the next 6 months. The market is currently pricing in a 1% cut when the Reserve Bank of New Zealand announces rates at the end of the month as policymakers scramble to check deepening recession.

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