The New Zealand dollar climbed today as domestic fundamentals were extremely good. The currency managed to post gains even as the market sentiment was rather pessimistic amid poor macroeconomic data from China and the budget standoff in the United States.
Building permits advanced 1.4 percent in August on a seasonally adjusted basis, following the negatively revised July reading of -3.4 percent. The ANZ business confidence index climbed from 48.1 in August to 54.1 in September. It was the highest value since March 1999. The report said:
That’s a collective picture of a full-blown economic expansion. We’re long past “recovery”.
NZD/USD climbed from 0.8274 to 0.8315 and NZD/JPY advanced from 80.80 to 81.78 as of 17:40 GMT today.
If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.