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New Zealand Business Confidence Soars, NZD Hits New Record

New Zealand Business Confidence Soars, NZD Hits New Record

2011-05-31 02:04:00
David Liu, DailyFX Research,
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Today’s economic survey conducted by the National Bank of New Zealand confirms a more robust domestic economy, stimulated by a combination of relaxed monetary policy and greater government injections to get the Kiwi economy back on track.

New_Zealand_Business_Confidence_Soars_body_Picture_4.png, New Zealand Business Confidence Soars, NZD Hits New Record

NBNZ Business Confidence; Chart generated with Bloomberg LP Professional Terminal

New_Zealand_Business_Confidence_Soars_body_Picture_5.png, New Zealand Business Confidence Soars, NZD Hits New Record

NBNZ Activity Outlook; Chart generated with Bloomberg LP Professional Terminal

This good news comes on the heels of this weekend’s better than expected trade surplus, widening to a record NZD 1.113 billion on greater exports of wool and other soft commodities to Japan and other Asian economies. Furthermore, a strong Australian economy, New Zealand’s largest trading partner, improved the outlook on demand for Kiwi goods.

To read DailyFX's coverage of April New Zealand Trade Balance, please visit here.

The contributed to the rallying Kiwi, following the momentum of early morning dollar weakness and increased risk appetite on news Germany may agree to a second round of bailouts for Greece. The New Zealand dollar hit a record of 0.82643, passing its previous record set in March 2008. However, investors are heeding caution as Finance Minister English returned to his previous stance, saying that the New Zealand dollar at its current level was “undesirable” for the New Zealand economy.

New_Zealand_Business_Confidence_Soars_body_Picture_6.png, New Zealand Business Confidence Soars, NZD Hits New Record

NZDUSD 5 Minute Graph; white arrow indicates data release. Chart generated with FXCM Strategy Trader.

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