New Zealand: Headline business confidence plummeted close to a record low – ANZ

The March ANZ Business Outlook Survey made for dreadful reading. NZD/USD is trading at 0.6000.

Key quotes

“Headline business confidence plummeted 45 points to -64 in March, close to a record low. Firms’ expectations for their own activity fell 39 points to a net 28% expecting lower activity over the year ahead, a record low.”

“Retail sector own activity collapsed 56 points from +15 to -41. Services and construction also plummeted by more than 40 points.” 

“Inflation expectations dropped another 38bp to 1.51%, the lowest in 3 years.”