NZ Dollar Stays Flat, Shrugs Off Negative Fundamentals

The New Zealand dollar was able to stay flat today even as domestic fundamentals were detrimental to the currency. The general market sentiment was not helpful either.
Seasonally adjusted building permits fell 0.8 percent in July from June, compared to the consensus forecast of a 1.3 percent rise. The ANZ Business Confidence eased from 52.8 in July to 48.1 in August, though the report said that “business confidence and the various components remain very elevated”. Fears of stimulus tampering by the US Federal Reserve added to the downside pressure on the kiwi. Yet the currency managed to stay flat versus the US dollar and erase losses against the yen.
NZD/USD traded at 0.7765 as of 12:18 GMT today near opening level of 0.7766. NZD/JPY was at about 76.28 after falling from 76.37 to 76.05.

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