NZ Dollar Mirrors Aussie’s Mixed Performance

The New Zealand dollar behaved in the similar manner as its Australian counterpart today, rising against some most-traded peers and falling versus others. Unlike the Aussie though, the kiwi had no positive domestic macroeconomic reports.

The ANZ business confidence worsened to -27.2 in May from -23.4 in the previous month. The activity outlook fell from 17.8 to 13.6. The report said:

The survey made for fairly uninspiring reading this month, with all aggregate activity indicators flat to falling. The economy still has good tailwinds in the form of fiscal stimulus and the record-high terms of trade, but may be tiring nonetheless.

NZD/USD edged up from 0.6983 to 0.6994 as of 10:01 GMT today. EUR/NZD was up from 1.6679 to 1.6729, touching the daily high of 1.6757.

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