New Zealand NZIER Business Confidence falls 25% QoQ in Q1 2024

The New Zealand Business Confidence fell 25% QoQ in the first quarter of 2024 from a 2% decline in the Q4 of 2023, the Quarterly Survey of Business Opinion from the New Zealand Institute of Economic Research showed on Tuesday. Additional takeaways “Post-election bounce in business confidence and activity seen in the final quarter of last year was short-lived.

Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD. How do decisions of the RBNZ impact the New Zealand Dollar? The Reserve Bank of New Zealand aims to achieve and maintain an inflation rate between 1% and 3% over the medium term, with a focus to keep it near the 2% mid-point. To this end, the bank sets an appropriate level of interest rates.

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