The New Zealand dollar traded about flat against most of its major peers by the end of the Tuesday’s trading session. The worsening consumer sentiment did not hurt the currency much.
Released by the end of the Monday’s session, the Westpac McDermott Miller Consumer Confidence Index dropped to 103.8 in March from 109.1 in February. The report commented on the result:
Households have become increasingly concerned about their personal financial situation. The number of households reporting that they are better off financially now compared to a year ago has been dropping steadily since mid-2017. Similarly, the number of households who expect to be better off this time next year has fallen to its lowest level since 2008, when the initial impacts of the Global Financial Crisis were just starting to be felt.
NZD/USD traded at 0.6853 as of 20:21 GMT today after opening at 0.6848 and rising to the daily high of 0.6870. EUR/NZD opened at 1.6543, fell to the daily low of 1.6510, but rebounded to 1.6562 later.
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