Westpac NZ Consumer Confidence shot up to 104.8 in the third quarter from 17-year lows at 81.7 in the three months to July as faster-than-expected monetary easing and significantly cheaper oil added to consumer optimism. RBNZ Governor Alan Bollard surprised the market in September, cutting rates by 0.50% where only 0.25% was expected. Meanwhile, crude has fallen over 25% since the peak at over $147/barrel in July. New Zealand dollar price action was unaffected by the release as the market continues to expect further rate cuts in the months ahead, with bond yields pricing in 125 basis points in additional easing by the end of 2009.
For a complete listing of this week’s data releases, please see the DailyFX Economic Calendar.