THE TAKEAWAY: Westpac Employment Confidence Index drops, signaling reduced confidence in NZ employment prospects > Markets remain generally calm amid light data, in anticipation of European developments > NZD flat
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The Westpac-McDermott Miller Employment Confidence Index for New Zealand dropped from 104.2 to 99.6 in the 4th quarter of 2011, signaling waning confidence among consumers in the South Pacific nation in the labor market and employment prospects. However, amid a light data calendar on Tuesday and an ongoing focus on Europe – especially on the discussions among European leaders about the details of a fiscal pact – the market response was muted. The New Zealand Dollar traded flat after the release.
