The New Zealand dollar rose broadly in the Asian market on Thursday against a basket of major and minor currencies, hitting a seven-month high against the U.S. dollar, amid strong demand for the New Zealand currency as one of the best investment opportunities available in the foreign exchange market.
Business confidence in New Zealand jumped to the highest level in a decade, in the latest data indicating economic resilience in the country, which reduces the possibility of additional cuts in New Zealand interest rates.Price outlook • Exchange rate of the New Zealand dollar today: The New Zealand dollar rose against the US dollar by 0.8% to (0.6292), the highest since last January, from the opening price of trading today at (0.6244), and recorded a low at (0.6241).
• The New Zealand dollar ended Wednesday’s trading down 0.15% against its US counterpart, in the second loss in the last three days, within breathtaking operations.
Investors focus on buying the New Zealand dollar as one of the best investment opportunities available in the foreign exchange market, as the Reserve Bank of New Zealand sticks to a high interest rate that is second behind the Federal Reserve’s interest rates in the list of interest rates for the eight major currencies.
With the Federal Reserve close to cutting US interest rates in September, New Zealand’s interest rates are expected to top the list of interest rates for major major and minor currencies.
Read also :Euro moves away from 13-month high ahead of inflation data in Germany
Business confidence in New Zealand jumped in August to a ten-year high as indicators of forward-looking activity rose strongly, a survey by ANZ Bank showed on Thursday.
A key measure of New Zealand’s Business Confidence Survey showed that 50.6% of respondents expect the New Zealand economy to improve over the next year, versus an optimistic 27.1% in the previous survey in July.
Sharon Zollner, chief economist at ANZ Bank, said in a statement: “Things are trending to improve, albeit from a very dark place for many companies.
The chances of the Reserve Bank of New Zealand cutting interest rates by about 25 basis points at the October 9 meeting are still less than 50%, waiting for more data on inflation, unemployment and growth in New Zealand in the coming period.
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