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NZ Business Confidence Hits 14-Month Low, Hinting No RBNZ Hike in October

NZ Business Confidence Hits 14-Month Low, Hinting No RBNZ Hike in October

2010-09-30 03:49:00
Ilya Spivak, Sr. Currency Strategist
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New Zealand Business Confidence slumped to the lowest in 14 months in September. Sub-indexes tracking companies’ hiring, investment, and profit expectations all slid to the lowest in at least six months reinforcing forecasts calling for the Reserve Bank of New Zealand to leave interest rates unchanged at its next policy meeting in late October. Indeed, traders are pricing in a meager 1 percent chance of a rate hike according to data compiled by Credit Suisse.

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