Business Confidence Outlook Proves Market-Moving

The release of the NZIER quarterly business confidence survey was the highlight of the weekly economic calendar.

Pessimistic business sentiment is prevalent over the short-term - net 37 percent of companies predicted decline in business conditions over the next six months. Contrary to the survey results, the probability of an interest rate hike at the July 26 MPC review, as calculated by a Credit Suisse index, increased to 26 percent from 25 percent prior to the report.

The news docket is empty over the next 24 hours, so New Zealand markets are expected to follow the hawkish tone of central bank rhetoric across the globe.

No economic data is due for release within the next 24 hours.

NZIER Business Opinion Survey (2Q)[/B]
Actual: -37
Previous: -15
See Daily FX Weekly Calendar for more details: