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NZ Dollar Crashes As Business Confidence Worsens

August 30, 2018 at 15:29 by Vladimir Vyun

Kiwi denominationsThe New Zealand dollar tumbled today after macroeconomic data showed that the business confidence deteriorated and the number of building consents fell.

ANZ Business Confidence Index dropped to -50.3 in August from -44.9 in July. The report commented on the result:

 

Headline business confidence fell a further 5 points in August, but firms’ views of their own activity were steady.

Manufacturing is now the least confident sector – likely a lagged impact from construction sector woes. The services sector is the most optimistic.

Activity sub-indicators remain weak. This month we take a closer look at the implications of weak investment and employment intentions, and conclude the threat to near-term activity is real.

Statistics New Zealand reported that the seasonally adjusted number of building consents dropped 10% in July following the 8.2% drop in June.

NZD/USD slumped from 0.6709 to 0.6649 as of 15:20 GMT today. EUR/NZD rallied from 1.7437 to 1.7527, and its daily high of 1.7596 was the highest since October 2015.

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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