The New Zealand dollar dropped during the current trading session as today’s data showed that business confidence is waning in the South Pacific Nation.
The ANZ Business Confidence sank as low as -15.3 in July from -2.3 in June. The report said that there is no need to be overly pessimistic:
Such readings in themselves do not mean the economy is becalmed. Political vagaries, the weather, those winter blues, and the general feel-good (or not) factor can throw headline numbers around; it is what businesses are doing and feeling about their own business that matters most. The more in-depth results are not dire and still flag growth across the economy, though nuances are more circumspect in tone.
Nevertheless, the New Zealand currency dipped following the release of the negative data.
NZD/USD slid from 0.6601 to 0.6554 as of 9:09 GMT today, trading near the lowest level since July 20. NZD/JPY dipped from 81.93 to 81.43.
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