The NZD USD exchange pair managed to recover from its slump in yesterday’s trading. Then NZD had a tough rally on the earlier half of the day after the data from the ANZ Bank disappointed kiwi traders.
The NZD USD pair went down by 0.17% or 0.0011 points in the first half of Thursday’s trading. But the kiwi managed to regain its footing in the latter half of the sessions.
The NZD USD pair rose by 0.16% or 0.0016 points in the latter half of the day. The kiwi reached levels between $0.6306 and $0.6348.
The upsetting data from the ANZ business confidence indicator caused the fall of the kiwi in the earlier half of trading sessions.
Data from the ANZ Bank’s showed a drop of -52.3 in August from the -44.3 in July. The report caused the NZD to drop to levels last seen in April 2008.
Aside from this week’s business confidence data, the report also showed a net 0.5% of employers expect their business to fare badly in the coming month. The record is the lowest reading for over a decade.
ANZ Bank’s data report also showed the inflation expectation of businesses in the nation. The inflation expectation rate declined to 1.70% this month from 1.81%.
The readings from the ANZ Bank’s report cause the market to wonder about the outlook of the NZD. According to some experts are speculating whether the data could help push the Reserve Bank of New Zealand to make deeper rate cuts.
How did the NZD Fare in Sessions?
Aside from the NZD USD pair’s recovery, the kiwi gained ground against other major currencies in yesterday’s sessions.
The EUR NZD exchange pair went down by 0.09% to 0.0015 points. The pair extended its losses to levels between NZ$1.7441 to NZ$1.7575.
And the NZD JPY pair rose by 0.29% or 0.19 points in yesterday’s trading, reaching ranges from ¥66.78 to ¥67.48.
But the kiwi also had a tough time against other currencies such as the pound sterling and Chinese yuan
The GBP NZD trading pair edged up by 0.08% or 0.0015 points. The pair reached ranges from NZ$1.9194 to NZ$1.9367.
And the CNY NZD rose by 0.38% or 0.0008 points in Thursday’s session, reaching levels between NZ$0.2201 and NZ$0.2213.