NZ Dollar Falls with Business Confidence

The New Zealand dollar was weak across the board today, though managed to trim losses against some of its rivals by now. One of the possible reasons for the currency’s poor performance was the deteriorating business confidence.
The New Zealand Institute of Economic Research reported today:
 

The latest NZIER Quarterly Survey of Business Opinion (QSBO) shows business confidence fell to its lowest level since March 2009, with a net 31 percent of businesses expecting a deterioration in general economic conditions over the coming months.

Meanwhile, Statistics New Zealand reported that the number of building consents rose 13% in May after falling 7.9% in April.
Sometime later today, GlobalDairyTrade will release the price index after concluding an auction. Dairy products is an important source of export revenue for New Zealand, therefore dairy prices often have a strong impact on the New Zealand currency.
NZD/USD traded at 0.6667 as of 14:40 GMT today after opening at 0.6672 and falling to the session low of 0.6655. EUR/NZD went up from the open of 1.6908 to 1.6935 but retreated from the session high of 1.6984.

If you have any questions, comments, or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

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