The final ANZ Business Confidence & Own Activity Outlook data for May have just been released.

The Business Confidence for May jumped sharply (less negative):
 

-41.8% vs -66.6% (previous survey)

Firms’ Own Activity Outlook for May

jumped sharply(less negative)

:

-38.7% vs -55.1% (previous survey)

ANZ released preliminary numbers in mid-May. Today’s final numbers were also an improvement on the preliminary figures.

• A net 39% of firms expect weaker activity for their own business, still well below 2008/09 lows. The retail sector is the most pessimistic on this front.
• Although we are making progress opening the economy, Business Outlook activity indicators are improving painfully slowly. Expected profitability, investment and employment intentions, lifted but are all still deeply negative.
• A net 42% of firms intend to lay off staff (just over half before subtracting the positives), with retail the hardest hit and agriculture the least.
• Inflation expectations were unchanged at 1.3%, sitting near the bottom of the RBNZ's 1-3% CPI target range.

The NZD is little moved in immediate response

.

Current indicative levels are:

NZDUSD 0.6175 / 0.6200

NZDAUD 0.9325 / 0.9350

NZDEUR 0.5600 / 0.5625

NZDGBP 0.5030 / 0.5055

NZDJPY 66.60 / 66.85

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