The New Zealand dollar bounced after falling against the US dollar and the Japanese yen earlier today but was unable to rally so far. The business confidence report released on Thursday was not helpful to the currency.
The ANZ Business Confidence dropped from 7.1 in February to 3.2 in March. The report said that “business confidence continues to wane” but “firms are more optimistic about prospects for their own business and this is a far more important signal for economic direction” and “solid growth still beckons.” The drop of crude oil was weighing on commodity currencies, even on those that are not tied to the performance of crude directly.
NZD/USD traded not far from the opening level of 0.6917 as of 10:04 GMT today after falling to the low of 0.6880. NZD/JPY was also close to its opening of 77.75 following the drop to 77.29 intraday.
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