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Westpac New Zealand’s quarterly Consumer Confidence Survey reported a decline in aggregate consumer sentiment for the second quarter, with Q2 2024’s Consumer Confidence Survey dropping 11 points to 82.2 after the previous climb to 93.2. According to Westpac, surveyed consumers are reported ongoing pressure from high interest rates and large increases in living costs. New Zealand consumer confidence has fallen once again back into all-time lows, failing to recover significantly from record lows of 75.6 in December of 2022. Westpac noted that declines in consumer confidence across all regions of New Zealand, as well as spread across all age demographics. Consumers also noted a sharp upturn in the unemployment rate specifically amongst those aged 25 years and younger. Economic Indicator Westpac Consumer Survey Confidence measure is an indicator of the mood of consumers or business, released by Westpac New Zealand. It is usually based on a survey during which respondents rate their opinion on different issues concerning current and future economic conditions. Read more. Last release: Wed Jun 19, 2024 21:00 Frequency: Quarterly Actual: 82.2 Consensus: – Previous: 93.2 Source: Westpac New Zealand New Zealand Dollar FAQs The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. 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…

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Filed under: News - @ June 20, 2024 1:24 am