NZ consumer confidence surges to 19-month high in November on robust economic outlook

Consumer confidence in New Zealand surged to a 19-month high during the period of November, following robust economic outlook over the country’s upbeat performance in the employment and dairy prices sector. Also, lower rates of inflation have added to the optimism.

The ANZ Roy Morgan Consumer Confidence Index rose to 127.2 in November from 122.9 in October. This was the highest score since April 2015 and the reading improved for six consecutive months. The current conditions and future conditions indexes rose 4 points each, to 127.3 and 127.2 respectively.

A net 13 percent feel better off compared with a year ago, which was the highest since June 2014. Net optimism towards the economy in 1 and 5 years' time rose to a net 23 percent and 28 percent respectively, taking both back to levels seen in early 2015.

Of the total 1002 respondents, 13 percent said that they were in a better position in terms of finances while 31 percent expect to be better in the coming year, compared to 30 percent previously. Further, the confidence composite gauge, which combines business and consumer sentiment, pointed to GDP growth accelerating to near 4 percent.

Meanwhile, the AUD/USD remained bearish at 0.74, down 0.17 percent and reaching near 5-month low, while at 5:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -116.81 (lower than the -100 benchmark for bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex