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According to analysts at TD Securities, New Zealand’s ANZ business confidence is the tier 1 indicator for markets as confidence and own activity at recessionary levels are the RBNZ’s key concern.

Key Quotes

“Prior activity at +7 (investment -3, employment flat) and confidence at -37 are off the lows, but a long way from portraying above-trend growth lies ahead. A material improvement in this report to boost OIS and swap yields and the NZD.”