The New Zealand dollar advanced today as business confidence climbed in February. Building permits declined last month, but this did not deter the rally of the currency.
ANZ business confidence jumped from 22.7 in January to 39.4 in February. It is the highest level in 19 months. Building permits fell 0.4 percent in January on a seasonally adjusted basis after rising 9.4 percent in the prior month. The currency paid attention to the good report, not the bad one, and rallied.
NZD/USD rose from 0.8273 to 0.8306 as of 11:16 GMT today. NZD/JPY advanced from 76.31 to 76.47 and its intraday high was at 76.91.
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