NZ Dollar Drops Despite Improving Business Confidence

The New Zealand dollar declined today. The currency fell even as the business confidence improved, though remained in the negative territory.

The ANZ business confidence index rose from -37.8 in January to -19.0 in February. That means that a net 19% of businesses are pessimistic about the year ahead. The report stated:

We may not have a lot of altitude just yet, but we’re off the end of the ski jump and no longer heading downhill.

NZD/USD slipped from 0.7232 to 0.7222 as of 15:20 GMT today, and its daily low of 0.7208 was the lowest since February 9. NZD/JPY dropped from 77.60 to 77.26.

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