New Zealand Dollar Rises Despite Falling Business Confidence

The New Zealand dollar rose against its major rivals during the current trading session even though the business confidence eased during this month.
The ANZ Business confidence eased from 16.0 to 15.5 in August. Nevertheless, the tone of the report was rather upbeat:
 

Business confidence and firms’ own activity expectations were broadly unchanged in August, but stronger after adjusting for seasonality.

Furthermore, the report said:

The economy is running around freely and performing well.

Such comments make it less surprising that the kiwi was able to rally even though the headline confidence indicator declined.
NZD/USD rallied from 0.7217 to 0.7243 as of 11:36 GMT today. NZD/JPY rose from 74.28 to 74.83.

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